AutoNation decision on Pendragon ‘expected this week’
16 October 2023
AutoNation boss Mike Manley is expected to decide this week whether to ‘gatecrash’ the £500m takeover of Pendragon. Lithia Motors’ cash and shares deal is worth 35.4p and AutoNation could opt for a 38p a share offer. Manley is reportedly eager to buy a UK retailer amid fears it could lose ground to US rivals Lithia and Penske.
UPDATE 17 October 2023
AutoNation has decided not to bid for Pendragon leaving Lithia the likely winner for the UK group. 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 US, to expand our business portfolio in a meaningful and synergistic way, and to create value for our shareholders.”
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