Hedin, which owns nearly 28% of Pendragon, had proposed to buy the London-listed company for 29 pence per share, valuing it at about 406 million pounds ($497.55 million).
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
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(Reuters) - Pendragon Plc's top investor Hedin Mobility has dropped its pursuit to takeover the British auto retailer, citing challenging market conditions and uncertain economic outlook, the two parties said on Friday.
Hedin, which owns nearly 28% of Pendragon, had proposed to buy the London-listed company for 29 pence per share, valuing it at about 406 million pounds ($497.55 million).
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
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