The Sunday Times – PENDRAGON’s £506m bid for rival car dealer Reg Vardy could be frustrated by a number of hedge funds and proprietary trading desks that have built a big stake in the group,writes Richard Fletcher.
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.
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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 twobusinesses.
With 25% of the shares the hedge funds could block Finn’s plans at a general meeeting.
