Australian auto dealer AP Eagers Ltd. said Sept. 17 that it will compulsorily acquire all remaining shares of Automotive Holdings Group Ltd., or AHG, it does not already own, as it now holds more than 90% interest in the automotive retailer.
AP Eagers in April made an offer to acquire 71.16% of AHG from Perpetual Ltd. and other shareholders for about A$450 million. After securing regulatory approvals, AP Eagers completed the transaction on Sept. 16 and disclosed that it now holds a 91.1137% stake in AHG.
AHG shares will be suspended from trading on the Australian Stock Exchange at market close on Sept. 24 as a result of the compulsory acquisition notice. AHG is expected to be delisted from the exchange at the close of trading on Sept. 27.
AP Eagers' stock was down 4.96% at A$13.21 per share on the Australian Stock Exchange at the close on Sept. 17.
