Corporate Action: We Recommend Automotive Holdings Shareholders Accept AP Eagers’ Takeover Offer
The Automotive Holdings board has recommended that shareholders accept AP Eagers’ improved offer once the "no material adverse change" condition is waived, in absence of a superior proposal. This is despite the independent expert’s report which concluded the improved offer is not fair but reasonable. The improved offer has increased the consideration to one AP Eager share for every 3.6 Automotive Holdings shares owned, compared with the prior offer of one for every 3.8. In addition to the slight...Automotive Holdings Group is an automotive retailing group in Australasia. Co. has two logistics divisions: Automotive, which operates passenger vehicle and truck and bus dealerships in Queensland, New South Wales, Victoria and Western Australia, and passenger vehicle dealerships in Auckland, New Zealand and Refrigerated Logistics, which provides cold storage and transport operations in every Australian mainland state through Rand, Harris, Scott's Refrigerated Freightways and JAT Refrigerated Road Services. As of June 30, 2016, Co.'s automotive segment had 188 motor vehicle franchises at 108 dealership locations operating within Australia and New Zealand.
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