27th Sep 2019 18:50
(Alliance News) - Aston Martin Lagonda Global Holdings PLC said Friday a major investor secured approval to bolster its stake in the luxury car maker by 3%, after the offer was heavily oversubscribed.
Strategic European Investment Group Sarl - which already owns over 30% of the firm - offered to buy a further 6.8 million shares, equivalent to a 3% stake, at 1,000 pence each. Shares in Aston Martin closed 3.0% lower at 565p in London on Friday.
On Friday, Aston Martin said Strategic European Investment received 170.1 million valid acceptances for the offer. This represents around 75% of total outstanding shares in the firm.
Strategic European, therefore, scaled back the offer to accept just 0.8107% of what it described as the "relevant percentage" of shares offered.
By Ahren Lester; [email protected]
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