An activist investor is gunning for change in the boardroom at Pendragon, the Nottingham-based car retailer, following a failed £400m takeover bid, according to The Telegraph.
In a letter sent last week, Palliser Capital, which owns a 4% stake in the business, reportedly accused the board of becoming distracted by Hedin Group’s recent failed takeover, with the firm now looking to place three directors on Pendragon’s board.
It has also called on Ian Filby, chairman, and Bill Berman, CEO, to refocus on profitability by growing the higher margin car servicing operation.
Hedin Group abandoned its £400m takeover of Pendragon in December, due to challenging market conditions and an uncertain economic outlook.
