European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.</li>
<li>The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.</li>
<li>My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.</li>
</ul>


Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.
The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.
My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.


Hedin Group/Pendragon: Fresh Takeover Approach

United Kingdom

Pendragon PLC sells new and used vehicles and provides contract hiring and after sales services.  The Company operates approximately 150 franchises that sell vehicles including Aston Martin, BMW, Daihatsu, Ferrari, Ford, Honda,Isuzu, Jaguar, Land Rover, Lexus, Mazda, Mercedes-Benz, Nissan, Rolls-Royce, Porsche, Peugeot, Rover, Saab, Toyota, Volkswagen & Audi and Volvo.

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Pendragon PLC (PDG LN)

Hedin Group/Pendragon: Fresh Takeover Approach

Hedin Mobility Group is trying again to bag Pendragon, one of the main auto retailers in a very fragmented UK market. The statements of both parts...

Jesus Rodriguez Aguilar

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