LONDON (Reuters) - The board of upmarket British car dealer H.R. Owen (LSE:HRO) on Friday recommended that shareholders accept a takeover offer by Philippine investment group Berjaya Philippines (PHS:BCOR).
BPI, which is controlled by Malaysian tycoon Vincent Tan, offered 170 pence per share after it bought shares in H.R. Owen which took its stake to 40.8 percent.
The offer values H.R. Owen at around 41 million pounds.
HR Owen is Britain's largest luxury and supercar dealership, selling high-end vehicles such as Lamborghinis, Ferraris, Bentleys and Rolls Royces.
(Reporting by Rhys Jones, Editing by Brenda Goh)