Dagenham agrees pounds 28.3m bid

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The Independent Online
FORD motor dealership Dagenham Motors yesterday agreed the proposed pounds 28.3 million, 160p per share takeover offer from a joint venture formed by the Ford Motor company and Jardine International Motor Holdings. Dagenham, which saw it shares fall 16p to 151.5p on the day, also warned that because of "difficult" trading conditions in the fourth quarter of 1998 it now expects profits for the year to be below those of 1997.

Discussions between Ford and Jardine about a joint offer for Dagenham were announced in September and the joint venture was established in November for the purpose of making a bid. Dagenham said that no further announcement will be made about the offer until early in the New Year.