Automobiles News

Cambria Automobiles’ Management Buyout Offer Gets Over 75% of Acceptance

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By Jaime Llinares Taboada

Cambria Automobiles PLC said Monday that 75.99% of its shareholders have agreed to the go-private management buyout offer, and that it has extended the deadline for the rest of the shareholders to accept it until Tuesday afternoon, local time.

The car retailer, which in late July agreed to an improved offer of 82.5 million pounds ($114.1 million), said it has received valid acceptances in respect of shares representing 35.99% of the capital. Chief Executive Mark Lavery and his wife Nicola Lavery have agreed to contribute their 40% interest in Cambria as part of the offer agreement. The offer requires the acceptance of shareholders holding more than a combined 75% stake in Cambria.

The company has agreed to extend the offer until 1300 local time on Tuesday.

“Cambria shareholders are reminded that it is Bidco’s intention to seek a cancellation of the admission of Cambria shares to trading on AIM should the offer become wholly unconditional,” it said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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