Proposed sale of Marshall of Cambridge (Holdings) Limited’s entire shareholding in Marshall Motor Holdings plc
Marshall of Cambridge (Holdings) Limited have today announced that we have, with the support of our majority shareholder, decided to accept an offer from Constellation Automotive Group Limited (“Constellation”) to acquire our 64.4% shareholding in Marshall Motor Holdings plc (“MMH”).
Constellation is offering 400p per share in cash for the entire issued and to be issued share capital of MMH. The offer values MCH’s shareholding in MMH at £201.6 million.
This was not an easy decision as MMH is the longest established business in MCH. However, whilst there remains a lot of support and admiration for MMH and the team, it has become increasingly clear that our strategic plans are taking different paths.
As such, the MCH board therefore believes that the sale is in the best interests of MCH and its shareholders.
Constellation is the largest vertically integrated digital used car marketplace in Europe. The business currently comprises three brands: WeBuyAnyCar, BCA (British Car Auctions) and Cinch. The business is over 70 years old, starting in 1946 as Southern Counties Car Auctions.
Constellation has today announced a formal offer for MMH under the Takeover Code. Completion of the offer is conditional on approval of the change of control of MMH’s regulated businesses by the Financial Conduct Authority. We estimate that completion of the Offer and receipt of proceeds by MCH is likely to take up to three to four months.