Statement regarding Pendragon PLC
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). THIS PRESS RELEASE WAS ORIGINALLY PUBLISHED AS A REGULATORY STATEMENT VIA THE LONDON STOCK EXCHANGE’S REGULATORY NEWS SERVICE, AVAILABLE VIA THIS LINK: https://www.londonstockexchange.com/news-article/market-news/rule-2-8-announcement/15750968.
MÖLNDAL, SWEDEN, December 9, 2022 –– On 26 September 2022, Pendragon PLC (“Pendragon”) announced a possible offer had been received from Hedin Mobility Group AB (“Hedin”). Further announcements on 24 October and 21 November 2022, subsequently extended the offer period.
Given the challenging market conditions and uncertain economic outlook, Hedin confirms that it does not intend to make an offer for Pendragon.
For the purposes of Rule 2.8 of the Code, Hedin and any person(s) acting in concert with it reserve the right to make or participate in an offer for Pendragon (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:
- with the agreement of the Pendragon Board;
- following the announcement of a firm intention to make an offer for Pendragon by or on behalf of a third party;
- following the announcement by Pendragon of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Takeover Code) or a reverse takeover (as defined in the Code); or
- where the Takeover Panel has determined that there has been a material change of circumstances.
Enquiries:
Hedin (Prosek Partners)
+44 (0) 20 3890 9193
Philip Walters
About Hedin Mobility Group
Hedin Mobility Group is one of Europe's largest privately owned mobility solutions providers, with approximately 7,500 employees and operations in 13 countries. Net sales in 2021 was SEK 28.2 billion and the Group sold more than 125,000 vehicles*.
Hedin Mobility Group provides sales of new and used passenger cars, commercial vehicles and trucks, as well as aftermarket services, to both private and corporate customers. Sales take place both online and via a European dealer network of around 260 wholly owned dealerships.
The Group represents more than 40 brands and is also the importer for Ford in Sweden and Ford F-150 in Europe; Renault, Dacia and Alpine in Sweden and Denmark; Hongqi in Sweden and the Netherlands; Dodge and RAM in Europe; and for INEOS Grenadier in eleven countries**, as well as distributor for MG in Sweden and for BYD in Sweden and Germany.
In addition, the Group's operations include wholesale and distribution operations of tires and spare parts, the car rental company Mabi Mobility AB, the private leasing company Car to Go Sweden AB, the corporate leasing company Unifleet AB and co-ownership in Pendragon PLC and iMove AS.
www.hedinmobilitygroup.com
Hedin Mobility Group is part of the Hedin Group together with Tuve Bygg AB and I.A. Hedin Fastighet AB. Hedin Group is also a partner in Consensus Asset Management and Ripam Invest AB, which owns Marstrands Kurhotell, Kurbadhus and Societetshus.
www.hedingroup.com
* Including approx. 21,500 vehicles attributable to operations transferred from Hedin Group AB in October 2021.
** Belgium, the Netherlands, Luxembourg, Sweden, Denmark, Norway, Finland, Estonia, Latvia, Lithuania and Switzerland.