The London Stock Exchange has agreed an extension on the deadline for Pendragon’s takeover bid by Hedin Group, so that the Swedish based firm can conclude discussions and due diligence with the firm.
The deadline extension gives the firms until 5pm on November 21st, 2022 by which time Hedin must then decide whether to make a formal takeover bid for the car giant which owns Evans Halshaw and Stratstone.
Hedin Group, whose board includes Trevor Finn – the former Pendragon Chief Executive of Pendragon, initially announced its interest at 29p per share but has since this, declaring via the London Stock Exchange that it would consider a takeover bid of 35p per share.
In the meantime, Pendragon which found itself embroiled in a $60m ransom demand after a cyber security breach, has stood fast on its intentions not to make payment to the cyber gang. But the threat is still hanging over the heads of the Pendragon board.
