Pendragon about to swallow Reg Vardy

Pendragon has almost acquired the entire share capital of Reg Vardy, with 54,048,037 valid acceptances for its mandatory offer of 900p per share, which represents 96.1% of the company.

Pendragon is now applying to acquire the remaining shares of Reg Vardy under the Companies Act 1985, which means remaining Reg Vardy shareholders must sell to Pendragon.

Pendragon expects to despatch notices of its intentions to Reg Vardy shareholders today. It also said Reg Vardy shareholders can still accept the mandatory offer rather than wait for their shares to be compulsorily acquired.

The mandatory offer will remain open for acceptance until April 19.

Pendragon won a bidding war for Reg Vardy, beating rival dealer group Lookers’ 875p per share bid in January.