By Scott Kanosky
Investing.com – Participate in Pendragon PLC (LON 🙂 stock jumped more than a fifth on Monday after the British car dealer said it had received a £400m takeover offer from its largest shareholder, Sweden’s Hedin Mobility Group.
The company – whose brands include Stratstone and Evans Halshaw – said in a statement that the offer of 29 pence per share was “unsolicited, principled and highly conditional”. The company added that it is studying the proposal with its financial and legal advisors.
“There can be no certainty that any confirmed offer will be made, nor as to the conditions under which any confirmed offer can be made. A further announcement will be made if and when it is appropriate,” she said.
According to Pendragon, Hedin will now be asked to announce whether or not he will submit a bid by October 24, although that deadline can still be extended.
Sky News reported that Hedin, the auto showroom operator who already owns about 26% of Pendragon, has recently been an outspoken critic of the group’s leadership.