By Michael Susin
AutoNation said it won’t make a takeover offer for Pendragon, becoming the latest company to drop from a bidding war over the U.K. auto dealership.
The decision comes three weeks after both parties confirmed an unsolicited proposal from the U.S.-based used and new car seller to acquire Pendragon’s entire share capital for 32 pence per share in cash, valuing the business at around 448 million pounds ($547.3 million).
Pendragon is still subject to another offer from Lithia Motors, which has bid GBP397 million for its U.K. motor and leasing businesses.
On Oct. 4, Hedin Mobility Group and Penske Automotive Group’s subsidiary PAG International said they no longer intended to pursue a takeover of Pendragon, prompting shares to fall 7.6%.
Write to Michael Susin at [email protected]
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