Top shareholder sweetens offer for UK's Pendragon (updated)

Lithia Motors

22/09/2023 16:46

(Recasts paragraph 1, adds background throughout)
       Sept 22 (Reuters) - Britain's Pendragon  PDG.L  said on
Friday it had received a further  unsolicited proposal from
Hedin Mobility Group and U.S.-based PAG International to jointly
buy out the automotive retailer for 447 million pounds ($548
million).
    The revised offer for 32 pence per share from Hedin, which
holds a 27.6% stake in Pendragon, and PAG comes after the
automotive retailer on Wednesday rejected a proposal from the
companies of 28 pence per share.
        Last year, Hedin made a cash offer of 29 pence per share
for the London-listed company. However, it dropped its pursuit
to takeover the British company, citing challenging market
conditions. 
  
        On Monday, Pendragon said it would sell its UK motor and
leasing businesses to Lithia Motors  LAD.N  for 250 million
pounds and enter a strategic partnership for the expansion of
its dealer management software business to North America.
        Pendragon said its board will consider the revised
offer. 
  
    
     ($1 = 0.8157 pounds)
  

 (Reporting by Anandita Mehrotra; Editing by Maju Samuel)
 ((Anandita.Mehrotra@thomsonreuters.com;))