A TAKEOVER approach for car dealer Reg Vardy could receive the backing of key stakeholders, it was rumoured last night.
Rival Pendragon plc - which owns car retail chain CD Bramall - has made a £422m takeover approach for the Sunderland-based company.
One of Vardy's key shareholders is Sir Peter Vardy, who is the son of the chain's founder, Reg.
Despite the bid coming as a surprise to the City - and to directors at the company - Sir Peter is believed to be willing to sell the company for the right price. He owns about 18 per cent of the company and his shareholding, together with his family's, makes up about 28 per cent of the company.
Sir Peter alone could net more than £77m if he decides to go ahead with the 750p-a-share offer.
A staff share scheme means many employees could also have a say in the approach.
Although this week's bid interest was unsolicited, Reg Vardy directors are in talks with Pendragon.
Pendragon's takeover of CD Bramall in January last year doubled its size and its market value of £554m makes it larger than Reg Vardy.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article