UK car dealer Pendragon revs up review after buyout proposal from top investor By Reuters

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UK car dealer Pendragon revs up review after buyout proposal from top investor

Published Sep 27, 2022 17:29 Updated Sep 27, 2022 17:48

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UK car dealer Pendragon revs up review after buyout proposal from top investor

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(Reuters) -Pendragon Plc is accelerating a review of all strategic options after receiving an unsolicited preliminary proposal worth about 406 million pounds ($436 million) from the Hedin Mobility Group, its largest shareholder, the British car dealer said on Tuesday.

The cash offer, made on Sept. 21, valued the London-listed company at 29 pence per share. Shares, which had gained nearly 20% on Monday after the disclosure of the proposal, closed 0.4% down at 27.1 pence on Tuesday.

Pendragon last month said talks over a potential takeover were terminated after an unnamed "large international corporate" withdrew its interest.

"The board continually evaluates all options to maximise shareholder value, although this review will be accelerated following the announcement made by the company on 26 September 2022 regarding a possible cash offer from Hedin Mobility Group AB," the owner of Evans Halshaw and Stratstone brands said.

The review will cover each major business as the Hedin Group has indicated that it was not its intention to retain the Pinewood SaaS division for the long term and would seek an appropriate partner for the arm, Pendragon said.

Hedin holds a 27% stake in the car dealer, according to Refinitiv Eikon data.

($1 = 0.9308 pounds)

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