AutoNation confirms submitted non-binding preliminary proposal to buy Pendragon

In a regulatory filing, AutoNation (AN) stated: “On September 26, 2023, Pendragon PLC (PDNGF) issued an announcement stating that AutoNation submitted a non-binding, preliminary proposal to acquire the entire issued and to be issued share capital of Pendragon. Following its receipt of the Proposal, the board of directors of Pendragon publicly announced that they intend to consider the Proposal and will consult with their shareholders and provide an update in due course… There can be no certainty as to whether the Company will make a binding offer for Pendragon. The Company makes no representation as to the accuracy or completeness of the Pendragon Announcement, which was issued without the consent of the Company. The Company confirms that it has submitted to Pendragon a non-binding preliminary proposal to acquire Pendragon’s entire issued and to be issued share capital for 32 pence per share and that the acquisition would not require approval by the Company’s stockholders or include the issuance of any equity securities of the Company. The Company will make a further announcement if and when appropriate.”