An American group has increased its offer for Pendragon as it races to beat competing car sales suitors vying for one of Britain’s last listed dealerships.
Lithia Motors has increased its offer for Pendragon from £250 million to £397 million in an effort to see off bids from Hedin Automotive and AutoNation.
Pendragon said that its board considered Lithia’s new offer “to be in the best interests of the shareholders as a whole” and it urged investors to support the deal.
Hedin, a European motor dealership with a 26 per cent stake in Pendragon, has tabled a £447 million bid with Penske, an American dealer that also owns Sytner, another British player in the sector. AutoNation, one of the largest motor dealers in the United
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