Britain’s Pendragon said it had received a further unsolicited proposal from Hedin Mobility Group and U.S.-based PAG International to jointly buy out the automotive retailer for 447 million pounds ($548 million).
The revised offer for 32 pence per share from Hedin, which holds a 27.6% stake in Pendragon, and PAG comes after the automotive retailer on Wednesday rejected a proposal from the companies of 28 pence per share.
Last year, Hedin made a cash offer of 29 pence per share for the London-listed company. However, it dropped its pursuit to takeover the British company, citing challenging market conditions.
On Monday, Pendragon said it would sell its UK motor and leasing businesses to Lithia Motors for 250 million pounds and enter a strategic partnership for the expansion of its dealer management software business to North America.
Pendragon said its board will consider the revised offer.
