However, Pendragon's success still relies on the failure of Lookers' own proposed acquisition of Reg Vardy for 875p per share. But even if Lookers are successful with their bid, Pendragon can still issue a 'call option' which will allow it to acquire Sir Peter Vardy's 16.6% stake of Reg Vardy. Pendragon intends, prior to the Reg Vardy shareholder meetings, to exercise its rights under the 'call option' and vote against the acquisition of Reg Vardy by Lookers. What do you think? Have your say on the AM Dealerforum here.