Lithia & driveway improves terms to 35.4p per pendragon share with significant future upside

Total cash consideration payable increased by 42% expected dividend to pendragon shareholders of 24.5 pence, a 49% increase implied total initial value to pendragon shareholders of 35.4 pence per pendragon share preliminary commitments to lithia from multiple major uk automotive retailers to adopt the pinewood dms significant further upside from the strategic partnership including north american jv strategic benefits for lithia with delivery on longer-term growth objectives planned investment will be financed using existing on-balance sheet capacity medford, ore. , oct. 2, 2023 /prnewswire/ -- lithia & driveway (nyse: lad, "lithia") announced today that it has signed a revised agreement on improved terms with the board of directors of pendragon plc ("pendragon") to enter into a strategic partnership with pinewood technologies ("pinewood tech") and to acquire pendragon's uk motor division and vehicle management division.
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