LB Finance converts voluntary offer for AMF into mandatory offer

Thursday, 30 October 2025 05:57 - - {{hitsCtrl.values.hits}}

LB Finance PLC yesterday announced that its voluntary offer to acquire 100% of Associated Motor Finance Company PLC (AMF) has been converted into a mandatory offer after shareholders representing 65.6% of AMF’s issued voting shares accepted the proposal.

According to the company’s filing, John Paulu Irugalbandarage Nalatha Dayawansa, who holds 39.95% of AMF, and Imperial Import & Export Company Ltd., holding 25.65%, have accepted LB Finance’s offer in full.

Their combined holdings amount to 65.6% of AMF’s issued shares, triggering a mandatory offer to all remaining shareholders once control passes 30%.

The original voluntary offer, dated 27 October, sought to purchase all 113,327,268 ordinary voting shares of AMF at Rs. 50 each for over around Rs. 5.6 billion. The company said the conversion of the voluntary offer into a mandatory offer takes effect from 29 October.

The offer marks a major consolidation move within the non-bank financial sector, positioning LB Finance for potential operational synergies and market expansion once the acquisition process is completed in line with the Takeovers and Mergers Code.