Autonation pulls Pendragon offer amid takeover race

(Alliance News) - Autonation Inc on Tuesday confirmed that it does not intend to make an offer for Pendragon PLC.

In September, the Nottingham, England-based automotive retailer received an unsolicited proposal from AutoNation to acquire the company for 32 pence per share, cash.

Also in September, Pendragon had received a revised takeover offer by Hedin Mobility Group AG and PAG International Ltd worth 32 pence per share, up 14% from the 28p per share offered previously.

Shares in Pendragon closed down 0.2% to 33.95 pence each in London on Tuesday.

In the same month, the company agreed to sell its entire UK motor business and leasing business to its North American rival, Lithia Motors. Following completion of the disposal, Pendragon will operate as a stand alone Pinewood business, making it a pure-play software as a service business.

By Sophie Rose, Alliance News reporter

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