Pendragon blocks £400m takeover deal
A major shareholder in Nottingham-based car retailer Pendragon has been blocked from a takeover of the firm.
Hedin Group, which runs more than 200 showrooms in Belgium, Norway, Sweden and Switzerland, put in a 28p per share offer some weeks ago, according to Sky News.
The move would vale Pendragon at around £400m, but is said to have been rejected by its board, which is chaired by Ian Filby.
Sky News said the rebuff has not dampened Hedin’s appetite and that the firm could be mulling over an increased offer.
Hedin owns about 25% of Pendragon shares and has been critical of the board – last year calling chief executive Bill Berman “out of tune”.
In December, Pendragon upgraded its full year pre-tax profit guidance after a strong fourth quarter.
The company said underlying profit before tax guidance for 12 months to 31 December has been revised up from £70m to around £80m.
