---
schema_version: "secwatch.filing_event.v1"
accession: "0001019849-23-000135"
form_type: "8-K"
ticker: "PAG"
cik: "0001019849"
company_name: "PENSKE AUTOMOTIVE GROUP, INC."
filed_at: "2023-09-20T23:59:59+00:00"
generated_at: "2026-06-10T11:40:27.816507+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001019849-23-000135
- form_type: 8-K
- ticker: PAG
- cik: 0001019849
- company_name: PENSKE AUTOMOTIVE GROUP, INC.
- filed_at: 2023-09-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1019849/000101984923000135/0001019849-23-000135-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1019849/000101984923000135/pag-20230920.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001019849-23-000135
- JSON: https://secwatch.observer/filing/0001019849-23-000135.json
- Plain text: https://secwatch.observer/filing/0001019849-23-000135.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.