Friday, 5 April, 2019 - 08:43
AP Eagers seeks $1.84bn merger with AHG
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.
Martin Ward has been the managing director and chief executive of AP Eagers since 2006, having joined the company in July 2005. Mr Ward is also a director of Australian Automotive Dealer Association and was the chief executive of Ford Motor Company’s Sydney Retail Joint Venture.
Rank | Company | 1 Yr | 5 Yr |
---|---|---|---|
986th | Atlas Arteria">Atlas Arteria | -10.62% | -2.13% |
987th | iCandy Interactive">iCandy Interactive | -10.66% | -6.48% |
988th | Eagers Automotive">Eagers Automotive | -10.87% | 7.77% |
989th | Immuron">Immuron | -10.95% | -11.52% |
990th | Webjet">Webjet | -11.11% | -8.1% |
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REMUNERATION UPDATE: Chief Executive Officer, Managing Director, Eagers Automotive | 03 Nov 2020 |
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.
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.
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.
John McConnell, managing director of Automotive Holdings Group, will be leaving the company at the end of the month. Martin Ward, managing director of AP Eagers which recently acquired the company, will assume executive responsibility of the merged group.
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.
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