Sign up | Log in



Home  >>   Daily News  >>   Philippines News  >> Capital Markets  >> UK's H.R. Owen rejects Berjaya Philippines offer as 'inadequate'
NEWS UPDATES Asean Affairs   19 July 2013  

UK's H.R. Owen rejects Berjaya Philippines offer as 'inadequate'

 H.R. Owen Plc, the UK-based luxury car dealer, on Thursday urged shareholders to ignore the unsolicited takeover offer from listed Berjaya Philippines saying the offer is “unacceptable” and “inadequate.”
In a statement to the London Stock Exchange on Thursday, H.R. Owen noted the  “... offer of 130 pence per HR Owen share represents only a 7.4 percent premium to the closing mid-market price of the company's shares on 16 July, the last trading day prior to Berjaya's announcement.
“Therefore, the board strongly recommends that shareholders take no action in respect of this unsolicited and unacceptable offer from Berjaya,” it added.
A unit of Malaysian conglomerate Berjaya Corp., Berjaya Philippines on Wednesday posted a notice on the London Stock Exchange revealing its intent to make a public offer for the entire issued and to be issued share capital of H.R. Owen.
Berjaya Philippines offered to pay H.R. Owen shareholders 130 pence in cash for each share. “The offer values the share capital of the company (H.R. Owen) on a fully diluted basis at approximately ? 32.5 million,” the Philippine company said.
“The funding for the acquisition of shares and the offer will be from the issuer’s internal funds and partly from bank loan. The issuer is confident that the loan can be repaid from the income of the issuer
and will not affect its operations,” it added.
Last month, Berjaya Philippines bought a 29.81-percent stake in H.R. Owen for ?8.3 million (P540 million).
Registered in England and Wales, H.R. Owen operates as a franchised motor dealer in the United Kingdom selling new and used cars as well as aftersales service that include parts and accessories and body repair.
Founded in 1932, the car dealer operates retail outlets in London, Berkshire, Gloucestershire, Hertfordshire, Surrey, and Manchester, which include 14 sales franchises and 13 aftersales franchises for Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati, Pagani, and Rolls Royce.
Its aftersales covers franchises for Audi, BMW, Lotus, and MINI.
H.R. Owen is Berjaya Philippines’ second venture into car dealership. The company is currently the sole distributor of Mazda vehicles, parts and accessories in the Philippines.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories    19 July 2013 Subsribe Now !
• 15th Meeting of the Sub-Regional Ministerial Steering Committee (MSC) on Transboundary Haze Pollution Subcribe: Asean Affairs Global Magazine
• Haribo’s Myanmar Sugar Rush Asean Affairs Premium
• Rupiah continues to lost value against the US dollar
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• VN, Belarus look to enhance trade relations with new agreement
• Exports to Holland projected at $2.7b in 2013 after surge
• UK's H.R. Owen rejects Berjaya Philippines offer as 'inadequate'
• Funding for Laos-China Rail Link Hinges on Thai Project
Asean Analysis            19 July 2013 Advertise Your Brand
• Asean Analysis- July 19, 2013
• Asean Weekly:The Biweekly Update 12 July 2013
Asean Stock Watch     18 July 2013
• Asean Stock Watch-July 18, 2013  

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand