AutoNation withdraws from Pendragon process

AutoNation (AN) confirmed that it will not be making a formal offer for Pendragon PLC (PDGNF). On September 26, AutoNation confirmed that it had submitted a preliminary, non-binding proposal to acquire the entire issued and to be issued share capital of Pendragon PLC. After further considering the opportunity, AutoNation today confirmed, as required by Rule 2.8 of the U.K. City Code on Takeovers and Mergers, that it does not intend to make an offer for Pendragon. Mike Manley, AutoNation’s CEO, stated, “These assets presented AutoNation with a potential opportunity to expand into a new market. However, after further considering the opportunity, we decided not to make a formal offer. AutoNation will continue to leverage M&A, which may include opportunities within and outside the U.S., to expand our business portfolio in a meaningful and synergistic way, and to create value for our shareholders.”