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Cambria Automobiles CEO Mark Lavery has agreed an improved £82.5m offer for the company and switched from a scheme of arrangement to an official takeover offer.
His bid vehicle Bidco announced the terms of a final increased Cash Offer offering 82.5 pence in cash for each Cambria share, which has been unanimously recommended by the independent committee.
The final cash offer will not be increased, although Bidco reserves the right to amend it if a third party enters the fray and bids for the company.
The full details of the offer will be published within 10 business days of the offer or a later date if agreed.
As a takeover the deal needs the approval of 75% of shareholders to get the go ahead.
Cambria first announced the possibility of a takeover back in March when it said management were looking at the possibility of a management buyout of the company (MBO).
The Cambria Board said at the time it had consented to CEO Mark Lavery, finance director James Mullins and motors division MD Tim Duckers exploring the possible acquisition of the shares they do not currently own a at price of 80 pence in cash per Cambria share.