We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

Pendragon terminates potential takeover talks

Fri 05 August 2022 08:14 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Car dealership Pendragon said on Friday that it has terminated potential takeover talks after one of its shareholders failed to engage with the proposal.

"Following a period of due diligence, a large international corporate presented a board-approved non-binding offer for the entire issued and to be issued share capital of Pendragon at a price of 29pence per share, in cash," the company said.

The proposal was contingent on receipt of irrevocable commitments from all of Pendragon's major shareholders. The company concluded that the proposal merited engagement with its five largest shareholders and received strong support from four of them, who were willing to sign irrevocable commitments.

"However, Pendragon was unable to engage with one of these shareholders and therefore, given this lack of certainty, the bidder has withdrawn its non-binding offer and both parties have terminated discussions," it said.

"Pendragon continues to believe strongly that its market-leading proposition positions the company to capitalise on the growth opportunities and navigate near term market headwinds," it added.

At 0925 BST, the shares were up 10% at 23.69p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More company news from ShareCast