Hedge Fund Reader : Hedge funds Could Clog Vardy Deal

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February 14, 2006

Hedge funds Could Clog Vardy Deal

Reports are rife that PENDRAGON’s GBP506 million bid for rival car dealer Reg Vardy could be obstructed and slowed down by a number of hedge funds and proprietary trading desks that have acquired a big stake in the group. Timesonline reports:

Despite having triumphed in a two-way fight for Reg Vardy with a 900p-a-share offer — outbidding rival Lookers — it could turn out to be a pyrrhic victory for Trevor Finn, the chief executive of Pendragon. Finn now controls more than 50% of the shares in Pendragon. However, with a combined holding of nearly 25% the hedge funds and traders could still frustrate his plans to merge the two businesses.

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February 14, 2006 in Gossip & Scandal | Permalink