Pendragon Shares Slip After Hedin Mobility, Penske Automotive Drop Takeover Offer

By Joe Hoppe

Shares in Pendragon fell on Wednesday after Hedin Mobility Group and Penske Automotive Group’s subsidiary PAG International said they no longer intend to pursue a takeover of the company.
At 1415 GMT, shares were down 1.75 pence, or 5%, at 33.45 pence, after falling to a low of 30.27 pence earlier in the session.

The two companies initially made an offer for the U.K. motor dealership of 391.1 million pounds ($472.3 million), which they then raised to GBP448 million pounds in September.
Pendragon is still subject to two separate offers. Lithia Motors has bid GBP397 million for its U.K. motor and leasing businesses, while AutoNation has bid GBP448 million for Pendragon’s entire capital.
Write to Joe Hoppe at [email protected]