Shareholder tables ‘highly conditional’ £400m bid for Pendragon

The largest shareholder in Nottingham car retail giant Pendragon has made an “unsolicited, preliminary and highly conditional” £400m bid to take control of the company.

Hedin Mobility Group, which operates more than 200 showrooms across Belgium, Norway, Sweden and Switzerland, has made an offer of 29p per share for the Evans Halshaw and Stratstone owner.

Pendragon’s board blocked a similar offer from Hedin in March which saw the company offer 28p per share.

Last year, Hedin – which already owns 26% of Pendragon – called the car retailer’s chief executive Bill Berman “out of tune.”

In a statement to the London Stock Exchange this morning (26 September), Pendragon said it was “currently considering the Proposal together with its financial and legal advisers.”

The statement continues: “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.”