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Pendragon has received a new offer from Hedin Mobility Penske to jointly acquire the business valued at 32 pence per share.
The offer is subject to the completion of due diligence, antitrust approvals and external debt financing.
Pendragon said it will consider the revised proposal and consult with its shareholders and provide an update in due course.
The original proposal from Hedin and Penske was rejected by Pendragon.
Pendragon is already under offer from Lithia. Shareholders representing 28.8% of the current issued share capital of Pendragon, have irrevocably committed to vote in favour of the Lithia Transaction.
Hedin and Penske are required either to announce a firm intention to make an offer for the Company by 18 October or to announce that it does not intend to make an offer.
This deadline may be extended with the consent of the Takeover Panel.