12:06 pm, October 9, 2023
Pendragon’s shareholders will vote on Lithia’s takeover offer on October 25.
That’s when the dealer group will be holding a general meeting in London for its shareholders. It’s also the deadline for AutoNation to submit an increased bid.
Pendragon, which operates the brands Evans Halshaw and Stratstone, announced at lunchtime today via the London Stock Exchange that the Financial Conduct Authority had approved a supplementary circular relating to the transaction.
The circular gives Pendragon’s shareholders details of amendments to the terms, information relating to AutoNation’s unsolicited proposal, as well as giving notice of the general meeting.
It is to be held at 10am on Wednesday, October 25 at CMS Cameron McKenna Nabarro Olswang LLP’s offices in Cannon Street, where resolutions will be proposed for Pendragon’s shareholders to approve the deal.
Pendragon’s shareholders are being urged by the company to vote by proxy as soon as possible and to appoint the chairman of the general meeting as their proxy.
Lithia increased its initial offer to the equivalent of 35.4p per share, which experts say is the one that’s most likely to be accepted.
It included upping the special dividend shareholders will receive next year from 16.5p to 24.5p.
AutoNation’s British boss, Mike Manley, is understood to be considering increasing his company’s offer, following its recent bid that valued Pendragon at 32p per share.
