Driving for Vardy deal

Jan 19 2006

By Evening Gazette

Car dealer Pendragon today encouraged shareholders to accept its offer for Reg Vardy, despite being trumped by rival Lookers. Lookers has announced a £492m deal for North-east-based Reg Vardy - topping the £450m offer by Pendragon. Reg Vardy employs more than 700 staff across its Tees Valley outlets. Today Pendragon said the closing date for its offer "is being extended and will remain open for acceptance until the next closing date which will be 3pm on February 1." It said 28.4pc of Reg Vardy shareholders had already accepted its offer.