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Pendragon PLC - Nottinghamshire-based car dealership chain - Largest shareholder Hedin Mobility Group AB notes the firm's announcement that it is conducting a ‘comprehensive review’ of all ‘potential strategic options’. Hedin Mobility says it is ‘surprised’ by the news and notes that this ‘contradicts’ the long-term view of Pendragon's board. Considers its position in relation to its current shareholding in the Pendragon.
On Monday, Hedin had approached Pendragon with a takeover offer, offering 29 pence per Pendragon share, giving it an equity valuation of around £405 million. Back then, it said it would not consider or accept any offers for its current shareholding in the firm.
Current stock price: 27.01 pence
12-month change: up 49%
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