Pendragon PLC, the parent company of Pendragon Vehicle Management, is considering a £400m takeover bid from its largest shareholder.
The latest offer is the second in six months from Swedish car retailer Hedin Group, which currently has a 27.5% stake in the business.
Pendragon rejected another takeover bid from a different investor, in August.
A statement issued via the London Stock Exchange, yesterday (September 26), said that Pendragon's board had "received an unsolicited, preliminary and highly conditional proposal from Hedin Mobility Group".
It added: “The board of Pendragon is currently considering the proposal together with its financial and legal advisers. Shareholders are urged to take no action at this time.
“There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made if and when appropriate.”
The statement revealed that Hedin Group will be required, by not later than 5pm on October 24, to announce a firm intention to make an offer for the company or to announce that it does not intend to make an offer.
Pendragon Vehicle Management is the 17th largest leasing comany in the UK, with a fleet of 14,468 cars and vans.
More articles on:
The UK's most trusted suppliers, as voted for by fleets.
The Fleet News Reader Recommended programme allows fleet decision-makers to have their say about the companies they trust most to offer the best partnership.
We have gathered opinions via research conducted among the Fleet News audience. Fleet nominated their best suppliers in each industry segment, but also their worst.
The top-performing companies are then granted Reader Recommended status.
Read now
Matt has been an automotive journalist for eight years. As senior staff writer he is responsible for the automotive content on Fleet News and also contributes to Automotive Management. Prior to this, Matt worked in the automotive industry for 10 years.
Login to comment
Comments
No comments have been made yet.