British car dealer Pendragon receives proposal from top shareholder

Sept 26 (Reuters) – Pendragon Plc (PDG.L) said Monday it had received an unsolicited preliminary proposal from its largest shareholder Hedin Mobility Group, offering to buy the British car dealership for around £406 million ($429.67 million). )

The cash offer, made on Sept. 21, valued London-listed Pendragon at 29 pence per share, nearly 28% higher than the company’s closing price of 22.7 pence on Friday.

Last month, Pendragon said talks about a possible acquisition of the group were ended after an undisclosed “major international company” withdrew its interest. read more

Hedin, which has a 27% stake in the car dealership according to data from Refinitiv Eikon, should announce a firm intention to make an offer for the group or walk away by Oct. 24, Pendragon said.

($1 = 0.9449 pounds)

Reporting by Muhammed Husain in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips

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