Penske says binding offer for Pendragon not certain

Pendragon today issued an announcement confirming that PAG International, a wholly owned subsidiary of Penske Automotive Group, together with Hedin Mobility Group, submitted a revised non-binding proposal to jointly acquire the entire issued and to be issued share capital of Pendragon not already owned by Hedin Mobility Group for 32 pence per share, in cash. Following its receipt of the revised proposal, the board of Pendragon publicly announced that they intend to consider the proposal and will consult with their shareholders and provide an update in due course. “There can be no certainty that PAG International and Hedin Mobility Group will make a binding offer for Pendragon, or as to the terms of any such offer. The Company makes no representation as to the accuracy or completeness of the Pendragon Announcement, which was filed without the consent of PAG International and Hedin Mobility Group,” Penske said in a regulatory filing.