Pendragon’s Reg Vardy offer extended to January 18 |
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Published
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Thu, 29 Dec 2005 17:10
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LONDON - Britain's biggest car dealer Pendragon has decided to extend the offer of taking over rival Reg Vardy until January 18, the firm announced on Thursday. Pendragon also said that it had received 28.3 acceptances to its 800 pence a share offer for Reg Vardy. The current offer expires at 3pm on January 18.
Pendragon had raised its offer to 800 pence per share from the 750 pence per share that it had initially offered on November 16 after competitor Lookers, which currently owns 90 outlets in the country, indicated that it might bid for Reg Vardy and present a higher offer.
Lookers could go as high as 850 pence per share and said that it would provide an update to its intentions early next year and said that it had made “good progress with potential providers of finance.”
Citigroup is advising Pendragon in this particular deal, while Reg Vardy is being advised by Dresdner Kleinwort Wasserstein. Pendragon has around 230 outlets in Britain and is the franchisee of top carmakers including Alfa Romeo and Maserati. Pendragon had initially offered £450 million.
In the backdrop of this news, Pendragon shares rose by 4 pence to 520 pence in early trading. Reg Vardy shares remained unchanged at 825 pence thus valuing the company at £464 million.
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NASDAQ
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1398.07 |
-137.50 (
-8.95 %)
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| SYMBOL (
2007-09-26 ) |
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CHANGE
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HANSON
(
12:41pm )
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1099.00 |
+3.00 (
0.27 %)
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AMVESCAP
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11:35am )
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607.50 |
+2.50 (
0.41 %)
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| SYMBOL (
2008-12-01 )
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CHANGE
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INTEL CP
(
4:00pm ) |
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12.56 |
-1.24 (
-9.16 %)
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| SYMBOL (
2007-09-04 )
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Pendragon to takeover Reg Vardy for £450 million 