28th Aug 2019 11:25
(Alliance News) - Strategic European Investment Group Sarl said Wednesday its offer to buy shares in Aston Martin Lagonda Global Holdings PLC is now wholly unconditional.
Strategic European Investment was set up last December and is a subsidiary of Investindustrial VI LP, a fund managed by Investindustrial Advisors Ltd.
Investindustrial Advisors also manages Prestige Motor Holdings SA and Preferred Prestige Motor Holdings SA, which combined own 31% of the luxury car maker. Strategic European said PMH and PPMH intend to decline Strategic European's partial offer.
In mid-July, Strategic European Investment Group Sarl said it was to buy 6.8 million Aston Martin shares at GBP10.00 each, for approximately GBP68.4 million.
As of Tuesday, Strategic European has received valid acceptances for 11.0 million shares, reflecting around 4.8% of Aston Martin's entire issued share capital.
Also, as of Tuesday, the fund has received 50.4% of valid approvals from Aston Martin's independent shareholders for the deal.
The partial offer remains open to acceptances until its second closing date on September 26.
Aston Martin shares were 1.0% lower in London on Wednesday at 482.60 pence each, below a third of its initial public offering price last October of 1,900p.
Related Shares:
Aston Martin Lagonda