Automotive Industry
Industry: Email Alert RSS FeedPendragon raises bid for Vardy.(Brief Article)
Automotive News Europe, December, 2005 by Feast, Richard
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Byline: Richard Feast
Pendragon, the UK's biggest dealer group, increased its takeover offer for rival Reg Vardy last week, but investors are betting a bidding war will continue.
The board of Reg Vardy recommended accepting Pendragon's offer of [pounds sterling]8 a share. Reg Vardy is the UK's No. 3 dealer group with sales of [pounds sterling]1.72 billion ([euro]2.53 billion) last year. Arnold Clark is No.2.
The higher bid followed earlier tentative offers of [pounds sterling]7.50 from Pendragon and Lookers, the UK's No. 7 dealer group.
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Last week Reg Vardy shares were ...
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