Hedin Mobility says open to change stance over its stake in Pendragon

(Reuters) – Hedin Mobility would be open to sell its stake in Pendragon if a third party announces a firm offer of not less than 35 pence per share, the top shareholder said on Wednesday, a day after the British auto dealership started a review of its business.

Pendragon on Tuesday said it was accelerating a review of all strategic options, including a potential sale of Pinewood division, after receiving a preliminary proposal worth about 406 million pounds ($441.32 million) from Hedin Mobility.

Hedin holds a 27% stake in the British firm.

The shareholder said it was “surprised by the announcement which seems to contradict the long-term view of the Pendragon board that Pinewood continues to be a fundamental aspect of Pendragon’s strategy, which was reiterated to Hedin Mobility by Pendragon as recently as Sept. 25.”

($1 = 0.9200 pounds)

(Reporting by Shanima A in Bengaluru; Editing by Shailesh Kuber)