AutoNation Withdraws From Pendragon PLC Process
Portfolio Pulse from Benzinga Newsdesk
AutoNation, Inc. (NYSE:AN) has confirmed that it will not be making a formal offer for Pendragon PLC. The company had previously submitted a preliminary, non-binding proposal to acquire Pendragon. AutoNation's CEO, Mike Manley, stated that the company will continue to leverage M&A to expand its business portfolio and create value for shareholders.
October 17, 2023 | 5:18 pm
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AutoNation has withdrawn its preliminary proposal to acquire Pendragon PLC. The company will continue to seek M&A opportunities to expand its business and create shareholder value.
AutoNation's decision to withdraw from the acquisition process of Pendragon PLC may have a neutral impact on its stock in the short term. While the withdrawal might be seen as a missed opportunity for expansion, the company's commitment to continue leveraging M&A for growth could be viewed positively by investors.
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