Pendragon PLC Statement re Press Comment (7386L)
04 Mayo 2020 - 1:00AM
UK Regulatory
TIDMPDG
RNS Number : 7386L
Pendragon PLC
04 May 2020
Statement Regarding Media Coverage
(ISSUED 04 May 2020)
The Board of Pendragon plc ("Pendragon" or "the Company") notes
recent media coverage regarding a potential merger between the
Company and Lookers plc ("Lookers").
The Company confirms that it held outline discussions with
Lookers suggesting they might explore the potential benefits of a
combination of the two businesses and how this could be attractive
to both sets of shareholders.
While Pendragon believed that such an exploration would have
proved beneficial, these early discussions have now ceased.
Pendragon remains well-positioned having already taken
significant steps to reshape the business and to cut costs both in
advance, and as a result, of the recent events which have
temporarily curtailed business activity. And, as previously
announced, Pendragon continues to benefit from the support of its
stakeholders during the current disruption.
This is a statement to which Rule 2.8 of the Takeover Code (the
"Code") applies.
Under Note 2 on Rule 2.8 of the Code, Pendragon reserves the
right to set the restrictions in Rule 2.8 aside in the following
circumstances:
a) with the agreement of the board of Lookers;
b) if a third party announces a firm intention to make an offer for Lookers;
c) if Lookers announces a "whitewash" proposal (see Note 1 of
the Notes on Dispensations from Rule 9) or a reverse takeover (as
defined in the Code); and
d) if there has been a material change of circumstances (as determined by the Takeover Panel).
Enquiries
============
Howard Lee Headland 07836 785 993
Henry Wallers Headland 07876 562 436
Philip Noblet Jefferies 07843 065 584
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END
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