EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

Hedin Mobility says open to change stance over its stake in Pendragon

Hedin Mobility says open to change stance over its stake in Pendragon
Copyright 
By Reuters
Published on Updated
Share this articleComments
Share this articleClose Button

- Hedin Mobility would be open to sell its stake in Pendragon if a third party announces a firm offer of not less than 35 pence per share, the top shareholder said on Wednesday, a day after the British auto dealership started a review of its business.

Pendragon on Tuesday said it was accelerating a review of all strategic options, including a potential sale of Pinewood division, after receiving a preliminary proposal worth about 406 million pounds ($441.32 million) from Hedin Mobility.

Hedin holds a 27% stake in the British firm.

The shareholder said it was "surprised by the announcement which seems to contradict the long-term view of the Pendragon board that Pinewood continues to be a fundamental aspect of Pendragon's strategy, which was reiterated to Hedin Mobility by Pendragon as recently as Sept. 25."

($1 = 0.9200 pounds)

Share this articleComments

You might also like