MANILA, Philippines - Berjaya Philippines Inc., which holds a 29.8-percent stake in London-based HR Owen Plc., is expected to place a higher bid for the luxury car dealer.
The Malaysian-backed investment group issued this statement following HR Owen’s announcement it had rejected Berjaya Philippines’ 32.5-million pound takeover bid for being inadequate and unacceptable.
“The issuer has yet to make the actual offer and when it does so it will address the view of the board of HR Owen,†Berjaya Philippines corporate secretary Jose A. Bernas told the local bourse.
The 130 pound a share offer represented a 7.4 percent premium to the British car dealer’s closing price Tuesday before Berjaya submitted its unsolicited proposal.
HR Owen, however, said the cash offer “materially undervalues†the company and strongly recommended that shareholders take no action with respect to the takeover proposal.
The 81-year old company is Britain’s largest luxury car dealer of Bentley, Rolls Royce, Ferrari and Lamborghini. Its aftersales covers franchises for Aston Martin Bugatti, Maserati and Pagani.
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.
Aside from car dealership, Berjaya Philippines, is also into gaming through Philippine Gaming Management Corp. which supplies equipment for lottery operations in Luzon.
Berjaya Philippines also has interests in the hospitality business through Berjaya Hotel in Makati. It also holds the local franchise for pizza restaurant Papa John’s.
Berjaya is owned by Malaysian billionaire Vincent Tan who also controls Premier League football club Cardiff City.