Pendragon Share Discussion Threads

[cb7] 27/9/2023 15:38

Just read in one article that the PDG ceo had 20+ years in senior roles at AutoNation. Combine this with dislike for Hedin, suggests to me that AutoNation may be in the driving seat as preferred bidder, and possibly why they think they do not need to exceed the earlier 32p bid...... but then again Hedin has 27%

[daneswooddynamo] 27/9/2023 15:16

It’s true that the Lithia deal has potentially unlocked the situation but in reality nothing has changed. Unless Hedin vote their 26 percent with another bidder they remain in control. Now with Penske in tow the Hedin/Penske approach is in the best position although a decent upping from here probably sees Hedin sell out which is what they said last time. Not sure that suits Penske much but Penske might agree a sweet arrangement with Hedin to nab a few of the dealerships

[lignum] 27/9/2023 15:01

agreed - but until they came up with the Lithia proposal, Hedin had the upper hand with their blocking vote. Now Hedin are on the back foot.

[daneswooddynamo] 27/9/2023 09:57

That’s the charitable explanation, the reality is that pdg and hedin are daggers drawn

[lignum] 27/9/2023 09:52

I think the Lithia proposal was just a way to flush out 2 bids.

[mortimer7] 27/9/2023 09:34

The folly of PDG Board keenly aligning themselves with the Lithia bid primarily based on the Pinewood "potential" seems to be getting exposed.
The Pinewood contribution shown in the results today illustrates Lithia's offer disproportionately undervalues the Motor business & is deservedly being blown out of the water.
Exec. Board members probably thought they would have cushy jobs with the Lithia outcome.

[daneswooddynamo] 27/9/2023 08:24

Global Auto is starting to feel very comfortable with its Lookers acquisition!

[craftyale] 27/9/2023 08:17

Long-term holder here. 40p is on the cards. Glad I held on.

[cb7] 27/9/2023 07:49

good results, better than expected, suggests mid thirties offer is achievable.

[lignum] 26/9/2023 18:46

PDGs investment bankers got their work cut out on this. Market slowly realising that there are not that many car distributor assets left to buy if they want a presence in the UK.

[jaf111] 26/9/2023 18:41

The difficulty for Autonation is surely how they can get sufficient shareholder support without Hedin. Credit to whoever came up with the Lithia deal but obviously Lithia needs to significantly increase its offer for the uk dealerships for this transaction to have a chance.

Very interesting situation though……glad I resisted the temptation to sell last week……

[daneswooddynamo] 26/9/2023 18:26

Could be mid 30s by the time we say goodnight here

[daneswooddynamo] 26/9/2023 18:22

Gosh it’s getting competitive here, now Autonation have joined the party

[c_k] 26/9/2023 18:22

It's getting hard to keep up with the offers - Autonation Inc have offered 32p subject to due diligence. Surprising that they think this puts them in a good place where they are only matching the Hedin and Penske offer.

[daneswooddynamo] 25/9/2023 15:15

Yep vtu will go at some stage although always a chance that Lithia gets aggressive here and goes higher

[buffalobillnuts] 25/9/2023 12:36

I've cashed in. Too risky for the sake of 7%.
Now all invested in Vertu.

[daneswooddynamo] 25/9/2023 11:24

Looks spurious and it’s been in the public domain for months, maybe one of the things that put Hedin off last time

[effortless cool] 25/9/2023 10:39

Fraud allegations. Hard to tell if it is something or nothing.

[daneswooddynamo] 22/9/2023 18:53

The big figure 3 has come earlier than I thought!

[lovewinshatelosses] 22/9/2023 17:31

Well done to holders here. I did think about rejoining yesterday. In fact, I considered rejoining a few weeks ago...but all that Hedin stuff...did not want to go through all that again!
It will be interesting to see how the BOD deal with this. I hope you all get the outcome you seek. GLA and good weekend.

[buffalobillnuts] 22/9/2023 17:23

Jaf111,

Heddin get Pendragon for 32p.

Lithia to buy Vertu.

[lignum] 22/9/2023 17:12

I hope they tell Hedin to stuff their due diligence request. Been there before.

[dennisbergkamp] 22/9/2023 16:55

I dropped out yesterday but props to those who stayed in! Patience was king here

D

[jaf111] 22/9/2023 15:55

A nice way to finish the week 😂
Well things have moved extremely quickly…..who wants to predict what’s going to happen next week?????