The £82.5m takeover of Cambria Automobiles under the leadership of the group’s CEO Mark Lavery is on the way. The London Stock Exchange has been informed that the owners of 75.99% of group shares have agreed to the buyout offer which, once it goes through, would return the dealer group back into private ownership.
Now the other shareholders have been given an extended deadline to allow them to accept the 82.5p-per-share offer made by Lavery’s Bidco takeover business.
It’s a big move and one that the entire automotive sector will be keeping an eye on. Each day this week brings a new step in the deal. The deal has not been all roses, though, with Lavery telling AM recently that the cash had been generated from a combination of bank debt and £2.5m of personal funds.
Keep your eye on him – it’s an interesting move.