Pendragon who are the UK’s major car dealership are eyeing up a £400 million takeover from a major investor which has sent shares soaring.
Swedish motor firm Hedin Group could buy out all of Pendragon’s share capital which stands at 29p per share and the company already has a 27.5% stake in the dealership.
In a statement confirming that approach in August, Pendragon said Lithia’s offer, “merited engagement with its five largest shareholders and [it had] received strong support for the proposal from four of these shareholders who were willing to sign irrevocable commitments.”
Pendragon are considering the offer and the takeover would be valued at around £403 million.
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