AM Online

Pendragon extends Reg Vardy deadline

Pendragon has been forced to extend the deadline of its £450 million takeover bid for fellow car dealer Reg Vardy after failing to secure a significant level of shareholder acceptances.

It has managed to persuade just 1.1% more of Reg Vardy’s shareholders to accept its improved offer as they wait to see if rival Lookers will make a counter offer.

Pendragon said 28.3% of Reg Vardy’s investors were already backing its 800p a share offer, fractionally ahead of the 27.2% that had accepted when the offer was first tabled on December 3.

Pendragon extended the deadline for acceptances to 3pm on January 18.

Lookers could unveil a cash bid for Reg Vardy this week, with analysts predicting a price between 840p and 850p a share.

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