On 26 September 2022, Pendragon PLC ("Pendragon" or the "Company") confirmed that it had received an unsolicited, preliminary and conditional proposal from Hedin Mobility Group AB ("Hedin Group") regarding a possible cash offer for the entire issued and to be issued share capital of Pendragon at 29 pence per share.
On 24 October 2022, Pendragon confirmed that the put-up or shut-up deadline had been extended to 21 November 2022 to allow Hedin Group to finalise its necessary due diligence, which is now substantially complete.
In order to finalise the necessary transaction documentation and in accordance with Rule 2.6(c) of the Code, the Company has requested, and the Takeover Panel has consented to, an extension to the date by which Hedin Group is required either to announce a firm intention to make an offer for Pendragon in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 9 December 2022. This deadline can be extended by the Board of Pendragon, with the consent of the Takeover Panel.
There can be no certainty that a firm offer will be made. A further announcement will be made in due course.
Jefferies International Limited (Financial Adviser & Joint Corporate Broker) +44 20 7029 8000
Berenberg (Joint Corporate Broker) +44 20 3207 7800
Headland Consultancy (PR & Communications) +44 20 3805 4822