By Ben Glickman
AutoNation confirmed Tuesday that it submitted a non-binding preliminary bid to acquire Pendragon.
Pendragon, a U.K. car retailer, said earlier Tuesday it had received an unsolicited offer from AutoNation to acquire all of its share capital for 32 pence a share, valuing the business at around 448 million pounds ($547 million).
AutoNation said in a regulatory filing Tuesday that there is no guarantee that it will make a binding offer for Pendragon and that the announcement by Pendragon was made without the consent of AutoNation.
AutoNation said the acquisition wouldn’t require approval by its shareholders and or involve the issuance of any new stock.
Pendragon said last week that it would sell its U.K. motor business and leasing business to Lithia Motors for 250 million pounds and begin a strategic partnership with the company.
Write to Ben Glickman at [email protected]
Read the full article here
