Sweden’s Hedin dealer group makes offer for UK’s Pendragon

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

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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