Fleet News

Hostile takeover

NATIONWIDE Accident Repair Services has conceded defeat in its battle to stave off a hostile takeover by two of its biggest shareholders.

The board of directors at the UK's largest corporately owned bodyshop network have accepted that shareholders Guinness Peat Group plc and JO Hambro Capital Management will secure control of more than 50% of the company's shareholding. The two bidders raised their offer to 90 pence per share, from 79 pence per share, on April 26. Nationwide Accident Repair Services operates 65 crash repair centres alongside its accident management arm Nationwide Network Services.

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