Pendragon shareholders to vote on Lithia takeover bid on October 25

  • Financial Conduct Authority approves supplementary circular relating to transaction
  • It gives Pendragon shareholders details of amendments to term
  • Circular also gives date for general meeting when vote on Lithia offer will be taken
  • That’s when rival AutoNation must submit its bid as well

Time 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.

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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