THE BOARD of Marshall Motor said yesterday it will accept a £325m takeover offer from the private-equity backed company behind WEBUYANYCAR.

Marshall said that it thought the terms offered by Constellation Automotive were "fair and reasonable".

The announcement comes a week after Constellation jumped into the race to buy the Cambridgeheadquartered group.

It bid after the Marshall family, which owns more than 64 per cent of the business, said just two weeks ago they were interested in selling.

The family has already accepted Constellation's bid, so it now falls to Marshall's remaining shareholders to decide their future.

It would take the company out of family ownership after more than 100 years. It runs more than 160 franchised dealerships.

Constellation has promised not to change the conditions under which any staff are employed or to tweak the "balance of the skills and functions of MMH employees or management".

(c) 2021 City A.M., source Newspaper