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Pendragon receives revised take-over offer
Nottingham-based Pendragon has received a further unsolicited proposal from shareholder Hedin and PAG International to jointly acquire its entire issued and to be issued share capital.
The Board is considering the proposal, which offers 32 pence per share, in cash, upgraded from a 28 pence per share offer last week.
When rejecting the previous proposal Pendragon said: “The Board carefully considered the proposal, including taking advice from its advisers, and concluded that it fundamentally undervalues the company and is therefore not in the best interests of shareholders or other stakeholders.”
The news comes after Pendragon announced that it had agreed the terms of a proposed sale of the entire issued share capital of Pendragon NewCo 2 Limited (Pendragon NewCo) which will hold, either directly or indirectly through its wholly-owned subsidiaries, the company’s entire UK motor business and leasing business, to Lithia UK Holding Limited (Lithia), a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £250 million. Lithia Motors is one of the largest automotive retailers in North America. Pendragon and Lithia Motors, Inc. have also agreed the terms of a strategic partnership with Lithia, including the rollout of Pinewood, the company’s dealer management software (DMS) business, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the highly attractive North American DMS market. As part of the transaction, Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, would become a standalone entity, retaining Pendragon’s existing listing on the London Stock Exchange and creating a pure play Software as a Service (SaaS) business with an accelerated growth plan.Derby City Council calls on Government to take “swift and decisive action” to support train-maker
Link ICT boost IT support team
Staveley Waterside regeneration project gets green light
Connect with the property industry this Thursday at the East Midlands Bricks Awards 2023!

Shortlist for the East Midlands Bricks Awards 2023
Most Active Estate Agent – sponsored by OMS
BB&J Commercial
Mather Jamie
FHP Commercial Development of the Year – sponsored by MKMHBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield Responsible Business of the Year – sponsored by Press for Attention PR Cawarden G F Tomlinson Aspbury Planning Limited Residential Development of the Year – sponsored by Sterling Commercial FinancePhoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln
Elms Developments – Elms Phase Two Ltd
St James Securities, Grainger – The Condor, Derby
Deal of the Year – sponsored by Mather JamieRushton Hickman Limited – Branston Locks deal
Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover
Rigby & Co – Aida Factory deal
Developer of the Year – sponsored by WardChevin Homes
Clowes Developments
Brackley Property Developments
Architects of the Year – sponsored by Blueprint InteriorsIMA Architects
Matthew Montague Architects
Influence Landscape Planning and Design
Excellence in Design – sponsored by CawardenChevin Homes – Amber Farm
Marchini Curran Associates – Phoenix cinema and art centre
Trident Construction Services – Lark Hill Retirement Village refurbishment
Sustainable Development of the Year – sponsored by Viridis Building Services LtdHBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Elms Developments – Elms Phase Two ltd
Contractor of the Year – sponsored by RammSanderson CawardenEE Smith Contracts
Bowmer + Kirkland
The Overall Winner, sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.











