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UK car dealer Pendragon gets proposal from top shareholder

Reuters
Updated ·1-min read

(Reuters) -Pendragon Plc said on Monday it had received an unsolicited preliminary proposal from its largest shareholder Hedin Mobility Group offering to buy the British car dealer for about 406 million pounds ($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 over a potential takeover of the group were terminated after an unnamed "large international corporate" withdrew its interest.

Hedin, which holds a 27% stake in the car dealer according to Refinitiv Eikon data, would be required to announce a firm intention to make an offer for the group or walk away by no later than Oct. 24, Pendragon said.

($1 = 0.9449 pounds)

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