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The deadline for the management buyout of Cambria Automobiles has been extended by a week as the deal narrowly missed a voting threshold.
The Bidco bid under Cambria CEO Mark Lavery (pictured) failed to meet the first 3 September deadline in getting the backing of 75% of shareholders as required by Stock Exchange rules.
In the first closing date the deal had got the backing of 74.76 shareholders votes, including the 40% owned by Lavery, just shy of the 75% required.
Bidco now needs to get an additional 241,064 shares on board to hit the 75% target. This would enable it to cancel the stock listing of Cambria and take the company private.
Under the deal, shareholders will get 82.5 pence in cash for each share, up from 80 pence a share previously agreed. The offer has been declared final.