Lithia/ Pendragon Deal - remaining 10.9p8 Apr 2024 08:43
Lithia's revised proposal provides shareholders with a total value per ordinary share comprising: (i) expected 24.5 pence in cash, to be received by way of a dividend; (ii) a retained c.83.3 per cent. ownership in the continuing Pendragon business (including Pinewood) valued initially at c.10.3 pence per share; and (iii) an indirect interest in the North American joint venture valued initially at c.0.6 pence per ordinary share.
In aggregate, it's the equivalent of a 35.4p per share offer, and thereby outbidding the Penske/Hedin 32p per share bid.
Pleased that 24.5p divided is likely to be paid on 7th May following AGM. Aim is also to consolidaste one new share for every 20 shares.
Deal agreed, stated equivalent to 35.4p. Any news/ideas when points (ii) and (iii) as above will be actioned to make up remaining 10.9p per share??