Marshall Motor Holdings to cease trading on London’s AIM following Constellation takeover
Marshall Motor Holdings is set to cancel its trading on London’s Alternative Investment Market (AIM) from 7am on June 15, following its acquisition by Constellation.
The Cambridge company was admitted to AIM in April 2015 at the price of 149 pence per share, which valued it at £115million.
But Constellation, through its wholly-owned subsidiary CAG Vega 2, made a cash offer of 400 pence per share for the company on November 29, 2021 which the majority shareholder, Marshall of Cambridge, accepted.
The deal valued fast-growing Marshall Motor Holdings at £313m and its board recommended that shareholders accept it.
Constellation confirmed the offer had become unconditional on May 11, and its subsidiary now owns nearly 95 per cent of Marshall Motor Holdings shares.
Announcing the intention to remove the company from AIM, Marshall Motor Holdings (MMH) said: “As soon as reasonably practicable after the cancellation of trading occurs, it is intended that MMH will be re-registered as a private limited company. Shareholders who have not yet accepted the offer are urged to do so as soon as possible.”
As it has already acquired more than 90 per cent of the shares, CAG Vega 2 is able to acquire the remaining Marshall Motor Holdings shares on a compulsory basis, on the same terms. It will shortly issue compulsory acquisition notices and acquire the remaining shares six weeks later.
Meanwhile, Marshall Motor Holdings has opened a new three-storey Audi Centre, with a nine-car showroom and 17-bay workshop facility - the largest in the area - following a £7.2m investment.
The company said Audi South East London on Chaffinch Business Park, Beckenham, will help meet the demand from continued growth.
Chief executive Daksh Gupta said: “The relocation of our existing Audi Centres in Sydenham, Bromley and Beckenham to this fantastic new South East London hub represents a substantial investment for Marshall and demonstrates our commitment to both our customers, our colleagues and Audi, as one of the UK's largest retail partners.
“Audi South East London is a stunning destination facility. Upon arrival the customer benefits are evident – additional customer parking, electric charging points plus with sumptuous lounge areas and hospitality facilities we have the base to deliver both exceptional and memorable customer experiences.”