A second pitch from Anders Hedin and Roger Penske’s dealer groups to amass Pendragon in its entirety has upped their offer from 28p per share to 32p per share.
Pendragon has revealed it has just had one other unsolicited proposal from Hedin Mobility Group and Penske Automotive Group, after their first approach earlier this week was thrown out by Pendragon’s board.
Now the board says it can consider the revised proposal and can seek the advice of with shareholders before providing an update in the end.
A shareholder meeting on October 6 is already scheduled to vote on the unique deal which Pendragon’s board has agreed with US-based Lithia Motors, which plans to sell all motor businesses to Lithia and leave Pendragon’s Pinewood software business as a standalone, continuing publicly-listed company.
Pendragon points out that at this stage there may be no certainty that any firm offer can be made by Hedin and Penske, which have a deadline of October 18 to accomplish that..
Their revised proposal stays subject to plenty of pre-conditions, including the completion of due diligence, antitrust approvals and external debt financing.
This Article First Appeared At www.am-online.com
