Pendragon PLC (“Pendragon” or the “Company”)
Receipt of Unsolicited Proposal
The Board of Pendragon announces that, on 21 September 2022, it received an unsolicited, preliminary and highly conditional proposal from Hedin Mobility Group AB (“Hedin Group”) regarding a possible cash offer for the entire issued and to be issued share capital of Pendragon at 29 pence per share (the “Proposal”).
The Board of Pendragon is currently considering the Proposal together with its financial and legal advisers. Shareholders are urged to take no action at this time.
There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made if and when appropriate.
As required by Rule 2.6(a) of the Code, Hedin Group will be required, by not later than 5.00 p.m. on 24 October 2022, either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
The person responsible for arranging for the release of this announcement on behalf of Pendragon is Richard Maloney, Group General Counsel and Group Company Secretary.
This announcement has been made without the consent of Hedin Group.