Camerons bags Reg Vardy offer

CMS Cameron McKenna is back in the driving seat after a second bid by its client Pendragon for car dealership Reg Vardy was accepted.

Pendragon’s 900p per share (£506m) offer was accepted last week after its initial bid was trumped by rival Lookers in January. Although the Lookers bid was expected, it threw up a question of conflict when it was revealed that Royal Bank of Scotland (RBS) was supplying the funding for both bids. Lookers dropped its bid for Dickinson Dees client Reg Vardy last week.

Addleshaw Goddard partner Michael Birchall advised Lookers, with Clifford Chance partner James Johnson advising RBS.