Automobile

Sweden’s Hedin dealer group makes $430M offer for Pendragon

Pendragon has received an unsolicited preliminary proposal from its largest shareholder, Hedin Mobility Group, offering to buy the dealership group for about 406 million pounds ($429.67 million).

The cash offer, made on Sept. 21, valued London-listed Pendragon at 29 pence per share, nearly 28 percent higher than the company’s closing price of 22.7 pence on Friday.

Hedin, which holds a 27 percent stake in the car dealer according to Refinitiv Eikon data, would be required to announce a firm intention to make an offer for the group or walk away by no later than Oct. 24, Pendragon said.

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