Penske Automotive and Hedin Mobility submit revised 32p/share non-binding bid for Pendragon PLC

PENSKE AUTOMOTIVE GROUP, INC.

PAG International (Penske) and Hedin Mobility jointly propose 32 pence per share cash for all Pendragon shares.
Proposal is non-binding and subject to due diligence, antitrust approvals, and external debt financing.
Pendragon board will consider the revised proposal; existing Lithia Motors acquisition deal with shareholder vote on 6 Oct remains.
Approximately 28.8% of Pendragon shareholders irrevocably committed to Lithia deal; 11.5% released if firm bid recommended.
Deadline for firm offer under UK Takeover Code is 5pm on 18 October 2023.

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