- AutoNation will not make a takeover offer for Pendragon
- Pendragon is still subject to a takeover offer from Lithia Motors
- Hedin Mobility Group and PAG International have also dropped their takeover plans for Pendragon
AutoNation has announced that it will not be making a takeover offer for Pendragon, joining other companies in dropping out of the bidding war for the U.K. auto dealership. This decision comes after an unsolicited proposal from AutoNation to acquire Pendragon’s share capital for 32 pence per share in cash. However, Pendragon is still subject to a takeover offer from Lithia Motors. Additionally, Hedin Mobility Group and PAG International have also abandoned their plans to acquire Pendragon, causing a decline in the company’s shares.
