Pendragon suitor Hedin handed extension by takeover panel
In September, Swedish motor company Hedin Group approached Pendragon over a possible deal to buy out the car dealership firm.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.UK car dealership Pendragon has revealed its Swedish suitor has been handed an extension over its potential £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 29 pence per share.
The group, owned by Anders Hedin, has a 27.5% stake in the car dealership and is its biggest shareholder.
Hedin Group is a major retailer of vehicles in several European countries including Sweden, Germany, and the Netherlands and it operates 240 dealerships
Pendragon said it would consider the preliminary proposal as Hedin was handed a deadline of October 24 to submit a formal offer or walk away.
The “put up or shut up” deadline was later extended to November 21 to allow Hedin to finalise necessary due diligence.
However, on Monday 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.
Pendragon said due diligence is “now substantially complete”, as Hedin was set a fresh deadline of 5pm on December 9.
The extensions are the latest part of a lengthy period of takeover interest, coming after Pendragon was forced to reject a bid from an international company in August after being unable to get hold of one of its biggest shareholders.
Shares in Pendragon lifted by 6.6% to 28.78p on Monday morning as a result.