European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.</li>
<li>The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.</li>
<li>My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.</li>
</ul>


Pendragon has received a 29p/share (28% premium) fresh takeover approach from its main shareholder Hedin Mobility Group, this follows a 28p approach in March. PUSU deadline is 24 October.
The Board is "conducting a review of potential strategic options"and this time will (reluctantly) engage with Hedin, which has signaled it would be seller at 35p.
My stand-alone fair value estimate of Pendragon is 39p (DCF-based), c. 44% upside to the last closing share price and well above of Hedin's prospective bid. Buy.


Hedin Group/Pendragon: Fresh Takeover Approach

United Kingdom

Pinewood Technologies Group PLC is a leading cloud-based full-service technology provider for automotive retailers and OEMs, offering Dealer Management System (DMS) software, automotive intelligence platforms, Business Intelligence reporting, and AI-powered automotive solutions across sales, aftersales, accounting, and CRM. The company serves a global user base across more than 36 countries with long-standing partnerships with over 50 OEM brands. It was established in 1981 and is headquartered in Birmingham, UK.

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Pinewood Technologies (PINE LN)

Hedin Group/Pendragon: Fresh Takeover Approach

Hedin Mobility Group is trying again to bag Pendragon, one of the main auto retailers in a very fragmented UK market. The statements of both parts...

Jesus Rodriguez Aguilar

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