Independent directors increase offer for Ryland group

The independent directors of Ryland plc headed by chairman Peter Whale have increased their offer for Ryland from 155p to 160p per share, having already acquired Pendragon plc's 29.9% stake in the Midlands dealer group.

They are now offering 160p per share, up 5p from the original offer of 155p, having already acquired a 29.9% stake from Pendragon plc. The offer now values the group at £47.4m. Rydnal, the vehicle formed by Peter Whale and colleagues for the purpose of the acquisition, says it has now gained acceptance for its bid from shareholders representing 79.6% of the group's equity.

Peter Whale had announced the management's bid as the only way to end uncertainty over the group's future in the absence of other confirmed offers to shareholders.