Advertisement
UK markets closed

  • NIKKEI 225

    38,855.37
    -44.65 (-0.11%)
     

  • HANG SENG

    18,821.16
    -6.19 (-0.03%)
     

  • CRUDE OIL

    80.24
    +2.52 (+3.24%)
     

  • GOLD FUTURES

    2,362.10
    +27.60 (+1.18%)
     

  • DOW

    38,852.86
    -216.73 (-0.55%)
     

  • Bitcoin GBP

    53,452.11
    -1,079.33 (-1.98%)
     

  • CMC Crypto 200

    1,477.06
    -19.40 (-1.30%)
     

  • NASDAQ Composite

    17,019.88
    +99.09 (+0.59%)
     

  • UK FTSE All Share

    4,506.79
    -31.23 (-0.69%)
     
Money:

What's next for state pension? Sunak unveils 'Triple Lock Plus'

The Triple Lock Plus would introduce a new age-related allowance for pensioners

Hedin, PAG International to drop bid for British car dealer Pendragon

Reuters
·1-min read

(Reuters) - Hedin Mobility Group and U.S.-based PAG International said on Wednesday they will not make an offer for British automotive retailer Pendragon, just a fortnight after sweetening their takeover proposal.

Hedin, which holds a 27.6% stake in Pendragon and is the top shareholder, and PAG had sweetened a proposal to buy the company for 32 pence per share last month. The London-listed retailer had earlier rejected a proposal of 28 pence per share.

Shares of Pendragon were down 6.2% at 33 pence at 1328 GMT.

The company announced last week that it is considering an unsolicited proposal from AutoNation for about 447 million pounds ($544.2 million) in cash.

ADVERTISEMENT

Pendragon is currently amid a sale of its UK motor and leasing businesses to Lithia Motors for 397 million pounds.

(Reporting by Eva Mathews in Bengaluru; Editing by Shweta Agarwal and Sherry Jacob-Phillips)