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AP Eagers has taken its interest in Automotive Holdings Group to 38 per cent despite its rival vehicle retailer telling shareholders not to accept its takeover offer just yet.

AP Eagers, which was already the largest shareholder in AHG with a 28.8 per cent stake, said Friday its all-scrip offer had been accepted by stock holders representing another 9.15 per cent of shares on issue.

AHG this week urged shareholders to sit tight until it had prepared its target statement in response to AP Eagers’ conditional offer of one share for every 3.8 AGH shares.

AHG said it will release its target’s statement on or before May 8.

At 1125 AEST, AHG shares were 1.0 per cent lower at $2.365, while AP Eagers was down 0.6 per cent at $8.61.