BCA and cinch owner Constellation Automotive Group has received the regulatory approvals required from the Financial Conduct Authority (FCA) to complete its acquisition of Marshall Motor Holdings.
The move paves the way for a takeover which should be completed within 14 days and has prompted the arrival of Constellation’s Timothy Lampert and Matthew Kelly on the AM100 PLC’s board.
Board members Alan Ferguson, Francesca Escery, Nicky Dulieu and Christopher Walkinshaw all exit the business with immediate effect, meanwhile, as the group’s trading status changes with its de-listing from the London Stock Exchange.
Marshall’s financial results will be incorporated into those of Constellation Automotive under its new ownership and operating model.
Constellation said in its announcement that FCA conditions, which had initially paused the takeover deal in January, had now been accepted, adding that its receipt of ‘sufficient acceptances to satisfy the Acceptance Condition’, meant its offer was now ‘unconditional’.
The development effectively brings to an and a process which began with confirmation that Constellation received “an irrevocable undertaking to accept the Offer from Marshall of Cambridge (Holdings) Limited” just two days after its initial approach to the group was revealed back in November.
Later that month Constellation’s £201.6 million offer for a 64.4% controlling stake in Marshall Motor Group was described as a “done deal”.
In December Marshall Motor Group’s board highlighted the “responsibilities of ownership of MMH” in a statement recommending the acceptance of Constellation Automotive’s takeover offer.
The group’s businesses have a total of 162 franchises covering 26 brands, across 37 counties in England and Wales.
It had grown its footprint considerably in the weeks prior to Constellation’s bid through the acquisition of 48-site Motorline for £64.5m.