Pendragon PLC

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Pendragon logo

Pendragon PLC is a multi-national operator of franchised motorcar dealerships in the United Kingdom with international outlets in the United States and Germany. This member of the Pendragon Group focuses on a variety of luxury cars which include Porsche, Ferrari, BMW and is the largest Vauxhall retailer in the UK. The companies registered office is at Annesley, Nottingham, Nottinghamshire, England.

The company is listed on the FTSE 250 Index and once had Sir Nigel Rudd as company Chair.

Pendragon PLC was formed on the 4 October 1989. For the year ended 31 December 2006 across over 140 franchised delareships, turnover was £5,101 million, while profits were £96.4 million before tax and £67.5 million after tax.

1 Merger of Reg Vardy
2 Attempted takeover of Lookers
3 Group companies and brands
- 3.1 Group Companies
4 Chronology
5 References
6 External link

[edit] Merger of Reg Vardy

In January 2006, Lookers offered 875p per share for larger rival Reg Vardy. However, Pendragon offered a counter bid of 900p a share, which succeeded after Lookers decided it could not raise its bid.

[edit] Attempted takeover of Lookers

During the bidding battle for Reg Vardy, on December 14, 2005 Pendragon offered 1.1 new Pendragon shares for each existing Lookers share. Pendragon Group was the proposed name for the entity produced via the acquisition of Lookers and Reg Vardy with the existing Pendragon operations.

On 12 January 2006, Pendragon made a revised indicative offer to Lookers (the 'Revised Proposed Offer'). The exchange ratio in the Revised Proposed Offer was 1.15 new Pendragon shares for each Lookers share^[1].

After the Lookers board refused to unanimously recommend the offer on 27 January 2006^[2], the Pendragon board went hostile in its all-share bid for Lookers. Pendragon failed in its bid to buy Lookers, after just 21% of Lookers shareholders accepted Pendragons offer^[3]

[edit] Group companies and brands

Cadillac - sole UK distributor
Chevrolet Corvette - sole UK distributor
Harley Davidson - under the Stratstone brand, the largest dealer of Harley Davidson's in the UK^[4]

[edit] Group Companies

CD Brammall
Evans Halshaw
Reg Vardy

[edit] Chronology

1920 - PJ Evans one of the largest Midlands car dealers
1945 - Broad Street Motors acquired
1978 - Purchase of the Halshaw Group
1988 - Four further acquisitions. 16th Ford dealership acquired in Chorley, Lancashire
1999 - Evans Halshaw acquired by Pendragon plc
2001 - Pendragon plc acquires 32 Lex Retail dealerships
2004 - Pendragon plc acquires CD Bramall
2006 - acquisition of Reg Vardy