In late September, Pendragon said it received an unsolicited proposal from AutoNation to acquire the company. Reuters valued the offer at $544 million. At the time, AutoNation said there could be no certainty as to whether it would make a binding offer. Pendragon, which said it was considering that proposal, said AutoNation had until Oct. 24 to announce a "firm intention" to make an offer.
"These assets presented AutoNation with a potential opportunity to expand into a new market," AutoNation CEO Mike Manley said in a statement. "However, after further considering the opportunity, we decided not to make a formal offer.