There is a bid battle for motor dealer Pendragon (LON: PDG) and the latest entrant into the field is AutoNation Inc, which is offering 32p/share. It appears that the deal to sell the core motor business to North American automotive retailer Lithia Motors for £250m and concentrate on the software business may need to be improved if it is to go ahead.
Management is considering the AutoNation Inc offer, as well as a revised offer of 32p/share from Hedin Mobility and PAG International – the original offer of 28p/shares was rejected.
New York Stock Exchange listed AutoNation Inc has more tha...
