UK’s Pendragon gets $544 million takeover proposal from AutoNation

Industry:    2023-09-27

British automotive retailer Pendragon said on Tuesday it received an unsolicited proposal from AutoNation for about 447 million pounds ($544.2 million) in cash.

The 32 pence-per-share offer comes days after Pendragon’s top shareholder Hedin Mobility Group and U.S.-based PAG International sweetened their joint proposal to buy the company following a rejection of their previous bid.

Pendragon said its board will consider AutoNation’s proposal, which was later confirmed by the U.S.-based company in a regulatory filing on Wednesday.

Last week, 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.

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