Response to Statement by Hedin Mobility Group AB

RNS Number : 1410J

Pendragon PLC

09 December 2022

 

Pendragon PLC

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

For immediate release

9 December 2022

 Pendragon PLC ("Pendragon" or the "Company")

Response to Statement by Hedin Mobility Group AB ("Hedin Group")

The Board of Pendragon (the "Board") notes the announcement released today by Hedin Group under Rule 2.8 of the City Code on Takeovers and Mergers (the "Code") that it does not intend to make an offer for Pendragon due to challenging market conditions and the uncertain economic outlook.

Following the announcement made by the Company on 26 September 2022 regarding the unsolicited, preliminary and highly conditional possible cash offer from Hedin Group at 29 pence per share in cash, on 13 October 2022 the Board granted due diligence access to Hedin Group in order to explore whether Hedin Group could make a firm offer for the Company.

The Board remains confident about the long-term prospects of Pendragon. This process has highlighted the value of Pendragon and the Board will continue to explore opportunities to maximise value for its shareholders.

As announced on 25 October 2022, there is a clear path to deliver the strategy to transform automotive retail through digital innovation and operational excellence. The economic backdrop remains challenging, however the Board continues to expect to deliver group underlying profit before tax in line with expectations for the current financial year.

As a result of Hedin Group's Rule 2.8 announcement, Pendragon is no longer in an offer period (as defined by the Code).

Enquiries:

Jefferies International Limited (Financial Adviser & Joint Corporate Broker)	[phone]
Philip Noblet
Simon Hardy
James Thomlinson
Thomas Bective
Berenberg (Joint Corporate Broker)	[phone]
Ben Wright
Headland Consultancy (PR & Communications)	[phone]
Henry Wallers
Jack Gault

END

 

END

 

 

OTTUWRRRUSUURUA