The second largest motor retailer in the UK. It is primarily focused on the online retail sector.
Takeover for £400m rejected. Do they have better offer in place?..
Falling GBP makes the same $400m offer cheaper than earlier this year.
If that offer emerges I am wondering if Lithia Motors in the US will also table offers again which would be good to push up the Hedin offer as Hedin would need to match any bid to walk away with the whole business.
Lithia may decide that increasing there original offer might make Hedin sell or if Lithia goes ahead buy all apart from Hedin would see Hedin minority shareholder as Lithia would be 74% against 26%
Various possibilities as the company would be much cheeper for both companies due to weak pound so plenty of playing room.
After-all we know Lithia Motors has the bigger cheque book as they say.
I week left of the PUSU I hope that if a firm offer is not done by 5pm on the 9th that the board refuses to extend it as lets be honest Hedin has had more than enough time so the board needs to play hardball and say no more extension either offer or go away.
Personally I don’t think Hedin would walk away as he knows this is his best chance to pick up the company relatively cheap, so I don’t mind if he walks away.