Pendragon v Lookers - Rumble on the Forecourt
Author: Tracy Wilkinson
Published: 24 April 2006
The great Pendragon v Lookers feud seems set to rumble on.
A few weeks ago, we told you that Lookers had advised their shareholders to reject the ´inadequate´ offer from Pendragon PLC, the UK´s biggest car dealer group. When Pendragon confirmed they had posted out its offer document, Lookers confirmed they had rejected it. Original Article Here
The two companies now appear to be locked in a continuous war of words, with today´s installment leaving Pendragon being rejected once again by Lookers´, who feel that the proposed take-over offer is convincing and inadequate.
In light of this, Manchester based Lookers´ has again told its shareholders not to accept the takeover bid. Chief executive Ken Surgenor added that Pendragon had failed to address the important concerns that Lookers´ had raised. They are clearly unhappy with the proposed takeover and accuse Pendragon of making an offer that undervalues the company and say that they have financial analysts backing this claim.
Towards the end of last week, Pendragon had hit back at Lookers´ claims that some car makers will not agree to go under Pendragon ownership, saying that using such tactics made them guilty of ´scaremongering´.
They also went on to say that any manufacturers who theatened to remove their franchises should the bid be successful, would be contravening regulations. Source:MotorTrader
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