September 20, 2023
Pendragon rejects non-binding, preliminary proposal by Hedin Mobility Group and PAG International
On September 20, 2023, Pendragon PLC (“Pendragon”) issued an announcement confirming that Hedin Mobility Group AB (publ) (“Hedin Mobility Group”) together with PAG International Ltd. (“PAG International”), a wholly owned subsidiary of Penske Automotive Group, Inc., submitted a non-binding, preliminary proposal to jointly acquire the entire issued and to be issued share capital of Pendragon not already owned by Hedin Mobility Group for 28 pence per share, in cash (the “Proposal”). In the announcement by Pendragon, its Board of Directors publicly announced their rejection of the Proposal.
There can be no certainty that Hedin Mobility Group and PAG International will make a firm offer for Pendragon, or as to the terms of any such offer.
Hedin Mobility Group makes no representation as to the accuracy or completeness of Pendragon’s announcement on September 20, 2023, which was filed without the consent of Hedin Mobility Group and PAG International.
A further announcement will be made if and when appropriate.