Eagers Automotive

AP Eagers has made a takeover bid for Automotive Holdings Group, which values the struggling West Perth-based car retailer at around $635.4 million.

A flurry of hostile takeover deals has provided a boost for corporate lawyers, with an expectation there are more on the way.

Automotive Holdings Group has urged shareholders to sit tight on a $2.42 billion takeover offer from rival vehicle retailer AP Eagers, warning they may be disadvantaged if they agree to sell before the “highly conditional” deal is approved.

AP Eagers has increased its interest in Automotive Holdings Group by 9.15 per cent, as the takeover target appointed a former KPMG and Ernst and Young partner as its new chairman.

AP Eagers has increased its provisional stake in takeover target Automotive Holdings Group, the second time in less than a week, to 42.62 per cent.

AP Eagers has acquired a provisional majority stake in Automotive Holdings Group, just a week after AHG told shareholders not to accept the offer until it released its target statement on May 8.

Automotive Holdings Group’s $2.3 billion takeover from rival AP Eagers is set to go through, after AHG urged its shareholders to accept a revised offer from AP.

Automotive Holdings Group has downgraded its profit guidance for 2019 due to weak car sales and the performance of its refrigerated logistics division, a week after it recommended an improved takeover offer from rival auto retailer AP Eagers.

The Australian Competition and Consumer Commission says it has concerns about AP Eagers’ $2.3 billion takeover of Automotive Holdings Group, due to a potential impact on competition in new car retailing in NSW.

AP Eagers has offered to sell dealerships in Newcastle and the Hunter Valley region, as it aims to assuage the Australian Competition and Consumer Commission’s issues with its proposed acquisition of rival Automotive Holdings Group.

The competition watchdog has accepted AP Eagers' proposed takeover of rival car dealer Automotive Holdings Group, on the condition AP Eagers sells its dealerships in Newcastle and the Hunter Valley region.

Takeover target Automotive Holdings Group will pursue the sale of its refrigerated logistics business after a strategic review found it had overstated revenue in the underperforming unit.

Automotive Holdings Group has suffered a loss of $232.6 million for the 2019 financial year, following major asset write-downs to its automotive and refrigerated logistics businesses during the period.

Auto dealer A.P. Eagers has succeeded in acquiring more than 90 per cent of all Automotive Holding Group shares, reaching that important threshold just hours before its offer expired.

A quarterly rebalancing of S&P/ASX indices has resulted in South32 being relegated from the top 20 index, and Galaxy Resources being dropped from the top 200 index.

Australia's largest car dealership chain says the tough conditions in the vehicle market show no sign of rebounding, with nationwide sales down 7.8 per cent in 2019 and 12.5 per cent in January, compared to a year ago.

Michelle Prater (nee Wheatley) brings a unique perspective to the natural tension between landlords and tenants in the current market - she is a director of the country's largest car dealer and one of their largest landlords.

Australia's largest car dealership chain says it laid off 1,200 employees last month as an initial response to the COVID-19 pandemic and associated lockdowns.

Australia’s largest automotive dealer is planning a major restructure of its Perth properties, buying three from the Wheatley-Prater family and exiting six others.

JobKeeper wage subsidies worth millions of dollars have been paid back to the tax office as Treasurer Josh Frydenberg rules out changing laws to force other companies to do the same.

Distribution services provider Stealth Global expects to grow its revenue by about $18 million, following the acquisition of Skipper Transport Parts from Eagers Automotive.

Sales of MG cars have rocketed higher this year, pushing the famous marque into the state’s top 10, though the Chinese manufacturer is very different from the MG of old.

ASX-listed companies have detailed roughly $2 billion in JobKeeper payments spanning the last two financial years, with only a handful making voluntary repayments.

Automotive Holdings Group is facing legal action over claims it failed to disclose a simmering stoush before inking an $18 million takeover deal with European manufacturer KTM.

Eagers Automative shares have dropped sharply after the company announced economic and market challenges have impacted its results in the first half of this financial year.

Car dealer Eagers Automotive’s dramatic share price drop this week was costly for shareholders, notably the local Wheatley family, the value of whose stake fell more than $30 million yesterday.

The Prater-Wheatley family has received a double boost from Eagers Automotive, which disclosed it made $12 million in rental payments last year for properties owned by the Perth ‘rich listers’.