Automotive Holdings responds to acquisition of APE



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Automotive Holdings responded to AP Eagers' takeover offer, recommending that its shareholders take no action on the offer.

The company announced that it was evaluating the offer and would provide shareholders with a recommendation in due course.

"The board of AHG firmly believes in the growth prospects and strengths of each of our businesses," said actor John Groppoli.

"AHG's Automotive Retail business is the largest franchised retail automotive network in Australia and New Zealand, with considerable opportunity to leverage its scale to increase profits. Likewise, AHG's Refrigerated Logistics business is the largest temperature controlled logistics in Australia.

"We will evaluate the APE proposal in the context of the fundamental value for our business, the value of the APE shares being offered and the amount that can be delivered to shareholders in alternative scenarios. to explore our options in relation to this asset. "

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