UK's Pendragon gets $544 mln takeover proposal from AutoNation (updated)

Lithia Motors

26/09/2023 18:39

(Adds details on offer and background throughout)
       Sept 26 (Reuters) - British automotive retailer
Pendragon  PDG.L  said on Tuesday it received an unsolicited
proposal from AutoNation  AN.N  for about 447 million pounds
($544.2 million) in cash.
    The 32 pence-per-share offer comes days after Pendragon's
top shareholder Hedin Mobility Group and U.S.-based PAG
International sweetened their joint proposal to buy the company
following its rejection of their previous bid.     
    Pendragon said its board will consider AutoNation's
proposal. 
    U.S.-based AutoNation did not immediately respond to a
Reuters request for comment.
    Last week, 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.
    
          
    ($1 = 0.8214 pounds)
    

 (Reporting by Anandita Mehrotra in Bengaluru; Editing by Shweta
Agarwal and Devika Syamnath)
 ((Anandita.Mehrotra@thomsonreuters.com;))