Pendragon PLC rejected a secret £400 million takeover approach from major shareholder Hedin Group, Sky News reported at the weekend.

According to Sky News, Hedin Group, which operates more than 200 vehicle showrooms in Belgium, Norway, Sweden and Switzerland through its subsidiary Hedin Bil, tabled a secret 28 pence offer for Pendragon several weeks ago.

In addition, the approach was not disclosed to Pendragon’s investors, and is said to have been rejected by the company’s board, according to the report.

https://news.sky.com/story/pendragon-shareholder-hedin-group-in-400m-raid-on-car-dealership-giant-12569980

Pendragon shares were up 20% at 26.00 pence on Monday.

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