UK's Pendragon rises after takeover proposal from AutoNation

AutoNation

27/09/2023 09:24

** Shares of British automotive retailer Pendragon  PDG.L 
up 10% at 32.2p, among top pct gainers across London stocks
    ** Highest level in about 6 years
    ** Co on Tuesday received an unsolicited proposal from
AutoNation  AN.N  for about 447 million pounds ($542.84 million)
in cash
    ** AutoNation's proposal matches Pendragon's top
shareholder's sweetened offer
    ** Shareholder Hedin Mobility Group and U.S.-based PAG
International joint proposal to buy co for 32 pence per share 
    ** PDG to consider both bids 
    ** Co also logs HY underlying PBT of 36.4 mln stg vs 33.5
mln stg year ago
    ** Says confident in group's ability to continue to build on
its strategic progress in second half 
    ** As of last close, stock up 67.7% so far this year



($1 = 0.8235 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)
 ((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))