HR Owen says Asian bidder's offer is 'derisory'

The Asian bidder for HR Owen is not high-end enough, the luxury car dealership said yesterday as it dismissed the takeover approach as "derisory".

HR Owen – which also revealed first-half profits were up 23.2 per cent – said Malaysian billionaire Vincent Tan's Berjaya Philippines only has experience in high-volume, commercial vehicles, which was "very different" from the high-end car business.

The £32.5m hostile offer from Berjaya, which holds a 29.8 per cent stake, will be voted on by shareholders later this month. Shares in HR Owen closed up 4.5p at 142.5p, 9 per cent above the 130p offer price.