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AutoNation Makes Offer for Pendragon Car Dealerships
Lithia planned to buy Pendragon’s dealership and fleet businesses in a $350 million deal.
Pendragon received a joint offer from Penske Automotive Group Inc. and Hedin Mobility Group but rejected it.
Penske and Hedin submitted a revised offer to buy Pendragon, increasing the price to 39 cents per share.
AutoNation, the second-largest dealership group in the U.S., has made its own offer for Pendragon.
AutoNation makes an offer for Pendragon car dealerships
AutoNation, the second-largest dealership group in the U.S., has put forth an offer to acquire Pendragon’s car dealerships. This comes after Pendragon received a joint offer from Penske Automotive Group Inc. and Hedin Mobility Group, which was rejected. Penske and Hedin then submitted a revised bid, increasing the price. However, AutoNation appears to be making its offer alone. If successful, AutoNation would join Lithia, Penske, and Group 1 Automotive as publicly traded auto retailers with U.K. dealerships. Pendragon is currently considering the proposal from AutoNation.
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