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HR Owen's board recommends 170p offer.

SHAREHOLDERS in luxury car dealership HR Owen have been sent a letter recommending they accept a cash offer for the business from a firm run by Cardiff City owner Vincent Tan.

Berjaya Philippines Inc (BPI) had made an offer of 130p per share for the business in July.

In August HR Owen published a document entitled "Reject the Offer: Don't let BPI drive away with your company for 130p a share".

The dealership also released a statement labelling the offer as derisory and stating: "BPI's experience in and exposure to the car market is largely in high volume, commercial vehicles in Asia, very different from H.R. Owen's product offering."

BPI has now increased its offer by more than 30% to 170p per share.

Yesterday HR Owen chairman Jon Walden wrote to all shareholders and said: "The board recommends that shareholders accept the Increased Mandatory Cash Offer, as the directors intend to do in respect of their own and their connected persons' beneficial holdings, amounting to, in aggregate, 192,147 H.R. Owen shares and representing 0.81% of the issued ordinary share capital of the company."

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| Cardiff City owner Vincent Tan's company Berjaya Philippines Inc (BPI) has increased its offer by 30%
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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Sep 18, 2013
Words:205
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