A £400 million bid to buy the Evans Halshaw and Stratstone car dealer group has collapsed.
Sweden’s Hedin Mobility Group said it was no longer interested in buying Nottingham-based Pendragon PLC due to what it called the “challenging market conditions and uncertain economic outlook”. However it said it could still make a bid at a later date.
Shares in Pendragon fell more than a quarter today, following the announcement, to around 21p. Back in September Hedin had said it was prepared to pay 29p a share for the business.
