pendragon plc said friday that hedin mobility group ab has decided not to make an offer for the company due to challenging market conditions and an uncertain economic outlook on sept 26 the uk motor dealership said it had received a 29 pence a share takeover approach from the swedish company valuing pendragon at 4051 million pounds 4956 million and that it was considering the proposal pendragon said it granted due diligence access to hedin on oct 13 to help it decide whether it could make a firm offer for the company the board remains confident about the longterm prospects of pendragon this process has highlighted the value of pendragon and the board will continue to explore opportunities to maximize value for its shareholders pendragon said friday hedin confirmed separately that it had abandoned the offer pendragon said that the economic backdrop remains challenging but it continues to expect underlying pretax profit in line with its expectations for 2022 the company hasnt provided any fullyear figures however underlying pretax profit consensus for the year is gbp542 million taken from factset and based on four analysts forecasts this compares with gbp83 million in 2021