Pendragon suitor handed extension
UK car dealership Pendragon has revealed its Swedish suitor has won an extension over a £400 million takeover move.
In September, Swedish motor company Hedin Group approached Pendragon over a possible deal to buy out the entirety of its share capital at 29p per share.
The group, owned by Anders Hedin, has a 27.5 per cent stake in the car dealership and is its biggest shareholder.
Hedingroupisamajorretailerofvehiclesinseveraleuropeancountriesincludingsweden,
Germany, and the Netherlands and it operates 240 dealerships
Pendragon said it would consider the preliminary proposal ashedinwashandedadeadline ofoctober24tosubmitaformal offer or walk away.
The "put up or shut up" deadline was later extended to November 21 to allow Hedin to finalisenecessaryduediligence.
However, yesterday Pendragon said Hedin has still not confirmed if it will table the offer but has been granted a further extension by the UK takeover panel.