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Up to 3 more weeks - surely an extension until 9th December gives them time to finalise the paper work - though lawyers and accountants have been known to take longer than you expect especially if they are paid by the hour! Would hope they don't need all 3 weeks
Looks like a done deal.
Prob at 29p.
But do you think there's possibility of pre-completion divi ?
Frustrating though. Rather the positive confirmation today. 3 more weeks. Judging by the number of buys there’s expectation of a higher price to be agreed.
I’d also think apart from the RNS today there will be no news before the 9th unless the takeover negotiations are completed beforehand? If sp stays at 28p or edges higher surely an indication Hedin need to agree a higher price than 29p? Could we be looking at 34 or 35?
Extension until 9th December - Nearly there!!
Yes , Monday is the day to put up or shut up, I would thought if the deal was not going through we would have been told by now, can only assume the price is being haggled over.
Crunch time? Deadline (unless extended) is Monday. Have I got that right. Negotiations I’d imagine are very difficult. Company appears to have been doing well. Trouble was shareholders not being rewarded and directors taking plump rewards in salary and benefits?
Fair price 29-35p. Hedin themselves were willing to part with their shareholding for 35p.
GLA
Is the sale going through? lots of sales today, do they know something we dont?
Is the market beginning to believe that the takeover will happen? I would expect the board to be able to squeeze another few pence out of Hedin who surely will have expected to need to make a slightly improved offer.
Pendragon don't seem to have put out an RNS about any significant legal claim so presumably think it is just a try on .
Hk$313m so about £33m.
I would have thought that with today's interim figures, 29p a share is cheap, I would not be supprised if the Americans came back, bought Hedin's at 35p and took control, it makes sense, the £ being low as well.
They can offer 29p or more or walk away. If they buy at a price higher than 29p they have to increase their offer to the higher price. Pendragon (todays Q3 statement) is making good profits - I expect the bid to succeed but if it didn't a 1p dividend (covered 3 -4 times) and/or a share buyback would be probable. How big is the big sum re the Japanese project?
Somewhat disconcerting to see large volumes being transferred (through selling and presumably buying).
I’d like to hear views on whether small shareholders could get ripped off. Hedin could change their mind? Offer a lower price? Did I read somewhere they could offer a price determined by the highest price they have had to pay in the last 12 months? What if although they have offered 29p subject to their investigations they could offer less? I read with optimism some on this board actually think the directors and major shareholders might ask for 32p. Be great. I think that won’t happen. The company is being sued for a big sum due to not delivering on a major project in Japan?
Disappointed there’s an extension. I’d rather the Board had reacted sooner to the offer. Why haven’t they come out and said what they think would be a fair price?
A lot of shares being sold!
Hedin offered 28p a share earlier this year. At the interims (6 months since the initial approach) the balance sheet was £46m better than then which is equivalent to about 3p a share. If that has continued - we are another 3 months into the 2nd half - 32p to 33p would make a lot of sense.
I assume the board are looking for more than 29p a share and Hedin looking to stick at 29p, could be drawn out.
Yes it does look like Hedin want the business and this will cost extra to do but I think they will have to come up with about 32p to win the prize.
"Discussions between the parties are ongoing and the Board of Pendragon has granted Hedin Group access to complete its necessary due diligence." As this is the first time Pendragon have said that due diligence and discussions are taking place - I take it as a very positive announcement.
Everything crossed. If they were going to withdraw I don't see why wait until the last minute. They own a lot of shares which will drop in value if they were going to pull out.- it surely makes sense to firm up the bid, even 29p is a significant increase on the current 26.5p and much more than it would be without the bid.
Tomorrow should be the day we know one way or another about this takeover.
I have not seen anything that shows this 28.5p yesterday!!,
all I see is steady declines all month from approx. 29p/share to what it is now @ 26.3p / share.
will it crash soon, or go up more!!??. steady gradual decreases are never good in my op.
who knows, wish they would inform us shareholders so we can know whether to buy or sell now>/////
Strange, bid price shot up to 28.50p just on close, then fell back, something brewing?
Hedin have built a 27% stake in Pendragon which with no dividend is dead money. They would show a nice profit if they sold at 35p which would give them the cash to bid for another business. But if the bid fails the share price would probably drop back to below 20p -about the price they paid. This is their chance to break into the UK market - I would expect (hope) for a 32p bid to secure the backing of the board.
Things looking a bit iffy with the takeover, a lot of shares getting sold, which does not fill me with confidence.