Penske-Hedin bid for Pendragon rejected after Lithia acquisition announcement

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Lithias plan announced Monday includes buying Pendragons 160 retail locations in the U.K. Lithia and Pinewood plan to form a joint venture to bring a DMS to North America. Lithia CEO Bryan DeBoer told Automotive News this week that his companys deal requires Pendragons shareholder approval. Penske has 189 new-car dealerships outside North America, most of which are in the U.K. Lithia has 40 U.K. stores, most of which are from its March purchase of Jardine Motors Group. Last year, Reuters reported that Hedin made a cash offer of 29 pence (36 cents) per share, or about $429.67 million at the time.

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