Mark Lavery, Chief Executive Officer of Cambria Automobiles plc made an offer to acquire remaining 60% stake in Cambria Automobiles plc (AIM:CAMB) from Killik & Co LLP, River and Mercantile Asset Management LLP, Nicola Lavery and others for £48 million in a management buyout transaction on January 27, 2021. The transaction will be implemented by way of a Court-sanctioned scheme of arrangement. Under the terms of the transaction, Mark Lavery will pay £0.8 in cash to acquire all the entire issued, and to be issued, share capital of Cambria Automobiles plc as James Mullins and Tim Duckers had stepped aside due to technical considerations. As an alternative to the cash offer, accepting scheme shareholders may elect to receive one new Bidco share for each scheme share held. Each new Bidco share will be immediately exchanged for two Cambria Investments, parent of Bidco B shares by way of a call option exercised by Cambria Investments. If any dividend, other distribution or return of capital is declared, made or paid in respect of Cambria Shares on or after the date of the announcement, the consideration will be adjusted accordingly. Mark and Nicola Lavery hold 40 million shares in Cambria Automobiles plc which have been transferred to Cambria Investments, parent of Bidco. Lloyds Bank plc and Barclays Bank plc have provided term loan facility of £60 million to Mark Lavery to fund the transaction. Mark Lavery does not intend to make any changes to the locations of Cambria’s business or its headquarters. Mark Lavery, Chief Executive Officer of Cambria Automobiles plc made a revised offer to acquire remaining 60% stake in Cambria Automobiles plc (AIM:CAMB) from Killik & Co LLP, River and Mercantile Asset Management LLP and others for £49.5 million in a management buyout transaction on July 30, 2021. Under the revised terms of the transaction, Mark Lavery will pay £0.825 per share in cash. The final cash offer will be financed by way of debt commitments to be made available to Mark Lavery under the facilities agreement, and funds made available to Mark Lavery by way of additional debt and equity financing. Post-closing, Cambria will be re-registered as a private limited company. Following completion of the offer, the existing Cambria management team will continue to lead the Cambria Group and Mark Lavery intends to support management in the execution of their existing strategy. It is expected that the current non-executive Cambria Directors will resign from the Board and be replaced by directors appointed by Mark Lavery on or shortly following the Effective Date. Mark Lavery does not intend to make any material changes to the continued employment of Cambria employees or the balance of skills and functions of Cambria employees and management. The transaction is subject to the approval of shareholder of Cambria Automobiles plc, approval of court and third-party approvals. The meeting of shareholder will be held on July 16, 2021. Court sanction hearing meeting will be held on July 26, 2021. As of September 14, 2021, the Offer is declared wholly unconditional in all respects. As on April 19, 2021, the Takeover Panel has consented to an extension of the relevant deadline of 28 calendar days and now the Management Team must, by no later than May 17, 2021 either announce a firm intention to make an offer for Cambria or announce that it does not intend to make an offer. This deadline will only be further extended with the consent of the Panel. As of May 17, 2021, a firm intention to make an offer for Cambria or cancellation of the offer has been extended to June 14, 2021. As of June 8, 2021, the Independent Committee advised by Rothschild & Co as to the financial terms of the Cash Offer, considers the terms of the Cash Offer to be fair and reasonable and recommend unanimously that Scheme Shareholders vote in favor of the Scheme at the Court Meeting and for the resolutions to be proposed at the general meeting. As on June 16, 2021, Mark Lavery has received letter of intent from Killik & Co LLP in respect of 1.84 million Scheme Shares owned and/or controlled by it, representing approximately 1.85% of the Cambria Shares. Therefore, Mark Lavery has received irrevocable undertakings or letters of intent in respect of a total of 22.67 million scheme shares representing approximately 22.7% of the existing issued share capital of Cambria. On September 3, 2021, Bidco may count 74.8 million Cambria Shares, representing approximately 74.76% of the issued share capital of Cambria, towards satisfaction of the Acceptance Condition to the Offer on August 13, 2021, Transaction was accepted to close by September 3, 2021 (“First Closing”). As of August 27, 2021, Cambria Bidco intends to announce an extension to the offer on or around the First Closing Date such that Offer will remain open for acceptance for a period of at least fourteen days from the date of this announcement. The takeover offer is expected to become effective in the third quarter of 2021. The transaction is expected to be effective on July 28, 2021 with long stop date as October 4, 2021. On August 27, 2021, Buyer intends to announce an extension to the Offer on or around the First Closing Date such that Offer will remain open for acceptance for a period of at least fourteen days from the date of this announcement. As of September 14, 2021, the offer has been extended with 14 days. As of July 8, 2021, Mark Lavery entered into a letter of intent for the acquisition of Cambria Automobiles plc from Killik & Co LLP and River and Mercantile Asset Management LLP. Mark Lavery has received Irrevocable Undertakings respect of a total of 25.9 million Scheme Shares (representing approximately 43.10%. of the scheme shares). A request will be made to the London Stock Exchange to cancel the admission to trading of the Cambria Shares on AIM which is expected to take effect from or shortly after the Effective Date and to reregister Cambria Automobiles plc as a private limited company. As of July 15, 2021, the independent committee therefore intends to adjourn the court meeting and the general meeting. Henrik Persson, Emily Watts and Fergus Sullivan of finnCap acted as financial advisors to Mark Lavery. Ravi Gupta, John Byrne and Ricky Paul of Rothschild & Co SCA (ENXTPA:ROTH) also considers offer to be fair, Mark Taylor and Jen Boorer of Singer Capital Markets Advisory LLP and Mark Taylor and Jen Boorer of Nplus1 Singer Advisory LLP acted as the financial advisors to Cambria. Link Market Services Limited acted as the registrar to Cambria Automobiles plc. Mark Lavery, Chief Executive Officer of Cambria Automobiles plc completed the acquisition of remaining 60% stake in Cambria Automobiles plc (AIM:CAMB) from Killik & Co LLP, River and Mercantile Asset Management LLP, Nicola Lavery and others in a management buyout transaction on September 28, 2021. The Offer was closed on September 28, 2021 and at the close of Offer, Offeror received valid acceptances in respect of a total of 58,173,439 Cambria Shares, representing approximately 58.17% of the issued share capital of Cambria and approximately 96.95% of the Cambria Shares to which the Offer relates. Accordingly, as Offeror has now received acceptances under the Offer in respect of, and/or otherwise acquired, not less than 90% of the Cambria Shares, Offeror will exercise its rights in accordance with Chapter 3 of Part 28 of the Companies Act 2006 (the "Act") to acquire compulsorily the remaining Cambria Shares in respect of which the Offer has not been accepted as contemplated by the Offer Document.