International legal practice Osborne Clarke is advising Marshall Motor Holdings plc on its recommended takeover by CAG Vega 2 Limited, a company formed at the direction of Constellation Automotive Holdings Limited. The offer was announced on 29 November 2021.
Under the offer, each Marshall Motors shareholder will be entitled to receive 400 pence in cash for each Marshall Motors share, valuing the company at approximately £322.9 million. The transaction is being effected by way of a contractual takeover and was declared unconditional on 11 May 2022, following receipt of Financial Conduct Authority change of control consent and valid acceptances in respect of 94.77 per cent of the issued Marshall Motors shares. The remaining Marshal Motors shares are to be acquired through the compulsory acquisition procedure under the Companies Act, 2006.
The Marshall Motor group's businesses have a total of 162 franchises covering 26 brands, across 37 counties in England and Wales. In addition, the group operates nine trade parts specialists, two used car centres, five standalone body shops and one pre delivery inspection centre.
The Osborne Clarke team that is advising Marshall Motors on the transaction is led by Corporate Partner Rebecca Gordon assisted by Senior Associates Stuart Miller and Oliver Woods. Partner Michael Carter and Senior Associate Rhiannon Jones are providing share schemes advice.
Rebecca Gordon said: "We were pleased to be able to support longstanding client Marshall Motors on its recommended takeover to Constellation making this a transformative deal in the car dealership industry. We wish the combined businesses all the best for the future."
Osborne Clarke’s Corporate team, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.