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Pendragon PLC - Nottingham, England-based automotive retailer - Receives unsolicited proposal from AutoNation Inc to acquire the company for 32 pence per share, cash. Proposal is subject to the completion of due diligence. Says will consider the AutoNation proposal and consult with shareholders and provide an update in due course. Last week, firm received a revised takeover offer by Hedin Mobility Group AG and PAG International Ltd worth 32 pence per share, up 14% from the 28p per share offered previously, which Pendragon had rejected, calling it a fundamental undervaluation of the company. Company has also announced plans to sell its UK motor and leasing business to North American rival Lithia Motors Inc. Current stock price: 29.37 pence 12-month change: up 8.4% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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