Penske/Hedin 28p/share joint proposal for Pendragon rejected; board calls it undervalued

PENSKE AUTOMOTIVE GROUP, INC.

PAG International (Penske subsidiary) and Hedin Mobility Group submitted non-binding proposal to acquire Pendragon for 28 pence per share cash.
Pendragon board unanimously rejected the proposal, stating it fundamentally undervalues the company and its future prospects.
Proposal is subject to due diligence and external debt financing; no certainty a binding offer will follow.
Under UK Takeover Code, Hedin/Penske must announce firm intention or not by 18 October 2023.
Pendragon on 18 Sept announced a separate transaction with Lithia Motors to deliver cash dividend and create a pure-play SaaS business.

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