Pendragon suitor Hedin could consider withdrawing £400m bid if approached by 35p or above offer

Pendragon’s suitor and majority stakeholder Hedin could consider withdrawing its £400m bid if approached by an offer of 35p per Pendragon share or above.

This comes as Pendragon announced on Tuesday a review of its strategic options to maximise shareholder value. 

The Swedish group – which owns a 26 per cent share in the company – made a move on the UK-listed car dealer on Monday with a 29p per share offer. 

As part of the Monday proposal, Hedin had a clause which stated it would not “consider or accept any other offers for its current shareholding in Pendragon.”

It has now changed its statement to: “Hedin Mobility reserves the right to set this sentence aside in the event that a third party announces a firm offer for Pendragon at a price not less than 35 pence per Pendragon share.”

The 29p offer is the second bid made by Hedin, after an earlier offer – pitched at around 28p a share – was rejected by the dealership’s board.

Pendragon has declined to comment.