MMH board recommends Constellation offer
The offer is conditional on Bidco, Constellation’s acquisition vehicle, receiving more than 50% of Marshall Motor Holdings’ voting rights and gaining regulatory approval from the FCA.
The offer is conditional on Bidco, Constellation’s acquisition vehicle, receiving more than 50% of Marshall Motor Holdings’ voting rights and gaining regulatory approval from the FCA.
A statement issued via the London Stock Exchange said that Constellation’s board reported that its wholly owned subsidiary, CAG Vega 2, would seek to buy all the shared at 400p a share valuing MMH’s holding at approximately £322.9m.
The move adds 48 outlets to Marshall's network of 115 dealerships across 29 counties, representing 22 manufacturers. The deal now brings in an additional eight counties. The acquisition was funded from Marshall's existing cash resources and its brand coverage now amounts to 85.4% of the market.
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