Pendragon Share Discussion Threads

[daneswooddynamo] 22/9/2023 09:27

I think much depends on Penske ironically and how much they want it. But Hedin will this time have to put up or shut up. Maybe they will be happy enough forcing Lithia to a clean exit and then use their cash to pursue a piecemeal strategy in the UK. Penske might be just keen to force Lithia to pay up

[buffalobillnuts] 22/9/2023 09:08

I'm not so sure, as Heddin have a 26% controlling share! And it would need 75% vote to be approved. Unless of course its 35p!!!

[daneswooddynamo] 22/9/2023 08:44

Next move will be Lithia all in offer imo

[buffalobillnuts] 22/9/2023 08:35

Share price currently at 27.2p, the Lithia offer was only 27.4p total.
New offer from Heddin incoming imo.
I would much prefer a complete buyout instead of the complicated Lithia offer. GLA

[daneswooddynamo] 21/9/2023 08:32

We are not in a position to understand the merits of the case except to view it as potentially ludicrous in the context of the consideration paid for the licences.

What is clear however is that the current recommended deal structure is great for Lithia. They nab the entire motors business for at worst 280m if you include the 30m subscription to the ongoing technology business which might end up being swamped by a court case decision against them however unlikely. Existing shareholders get 16/17p and then ongoing exposure to that Inc any liability to the court case.

This deal will end up as a clean exit offer for the entire shooting match and effectively a fight between Lithia and Penske. The other insti investors will much prefer a clean all in offer.

[cb7] 21/9/2023 08:15

magic - I am more used to smaller companies than those you mention.... and over the years they have informed shareholders of litigation and its merit based on their own legal advice. Indeed some of them make financial provision in their accounts even before the outcome is known. The ridiculous sum of £260m (was it?) is also hugely significant in the size of PDGs business now and the Pinewood offspin which has an anticipated mkt cap of 180m.

[hope1815] 20/9/2023 21:31

Using Due Diligence by Hedin is just plain annoying. The whole thing could end up like last year with no one taking over Pendragon PLC. Lithia has a clause of 30%, the whole deal may fall through and people who have invested looking to make money could be disappointed.

Hedin's History proves they have had plenty of opportunity, just know when to sell and take profit.

[jaf111] 20/9/2023 17:52

Counter offer from Hedin can surely not be a surprise to Lithia / PDG Board so presumably they have a “cunning plan”???

As previously stated the Lithia deal was very low-ball so hopefully PDG share price should go considerably higher 🤞

[3dwd] 20/9/2023 16:38

They are a bunch of morons

[daneswooddynamo] 20/9/2023 15:54

yep no love lost at all and trevor finn can't wait to walk back in. with Penkske in their corner Hedin are more than able to see off Lithia as Penske is already the largest UK group. a few competition concerns but they can carve up between them

[cb7] 20/9/2023 15:51

Somewhat amused by the self interested PDG board that they consider a 28P cash offer undervalues the company, but the lower offer from Lithia, with only 16.5p cash is fine by them!

[jaf111] 20/9/2023 15:37

Currently EGM to approve Lithia deal 6 October….

[c_k] 20/9/2023 15:28

Just read - Hedin and Penske will be required, by not later than 5.00 p.m. on 18 October 2023, either to announce a firm intention to make an offer for the Company. This can only be positive for the share price - a nice 11% rise since the announcement

[daneswooddynamo] 20/9/2023 15:25

expecting a clean offer with a 3 in front by time this is over

[jaf111] 20/9/2023 15:22

No surprise about Hedin but more than interesting to see Penske joining in……..
Things already moving unusually quickly…..hold on tight!!!

[daneswooddynamo] 20/9/2023 15:11

The bidding war begins. Penske have deep pockets so teaming up with Hedin is strong combo

[c_k] 20/9/2023 15:10

28p offer from Hedin and Penske rejected by the Board. What happens next?

[daneswooddynamo] 20/9/2023 15:08

Here we go

[grampsyrabit] 20/9/2023 14:14

nice and steady rise today. long may it last

[jaf111] 20/9/2023 08:27

Very good point CB7…..

[daneswooddynamo] 20/9/2023 08:05

Also is this deal going to be consummated prior to the outcome of the case as it basically sorts out Lithia with the motors business and leaves a decent chunk of value with existing investors subject to damages ( even though I agree it is likely to be at a low level ). Interesting too that car dealer today reporting Lithia have get out clause if certain percentage of manufacturers don’t like the deal

[cb7] 20/9/2023 07:59

Unless I missed it, (someone please correct me if wrong, as I find it unbelievable), I have never seen PDG inform shareholders of the litigation issue, despite recently writing chapter and verse on Pinewood. Even if they think the claim is baseless and the sum massively inflated (my thoughts), PDG should still state the facts and say it is without merit.

[dennisbergkamp] 19/9/2023 20:36

Question I’d ask is what the technology is really worth… Then we could be in for some fun and games

D

[daneswooddynamo] 19/9/2023 20:29

You have to remember that there is no love lost at all between hedin and pdg. They always vote against Bermans whopping pay and of course Trevor Finn is non exec of hedin and spent so long at pdg.

I guess this might be pdg way of making hedin put up or shut up with a structure which they cannot block so they have to act if they don’t want it. Hard not to believe one or two others might be running the slide rule at this price for the motors side