Pendragon’s suitor and majority stakeholder Hedin could consider withdrawing its £400m bid if approached by an offer of 35p per Pendragon share or above.
This comes as Pendragon announced on Tuesday a review of its strategic options to maximise shareholder value.
The Swedish group – which owns a 26 per cent share in the company – made a move on the UK-listed car dealer on Monday with a 29p per share offer.
As part of the Monday proposal, Hedin had a clause which stated it would not “consider or accept any other offers for its current shareholding in Pendragon.”
It has now changed its statement to: “Hedin Mobility reserves the right to set this sentence aside in the event that a third party announces a firm offer for Pendragon at a price not less than 35 pence per Pendragon share.”
The 29p offer is the second bid made by Hedin, after an earlier offer – pitched at around 28p a share – was rejected by the dealership’s board.
Pendragon has declined to comment.