FORT
LAUDERDALE, Fla., Oct. 17,
2023 /PRNewswire/ -- AutoNation, Inc.
(NYSE:AN) America's most admired retailer, today confirmed
that it will not be making a formal offer for Pendragon PLC.
On September 26, 2023, AutoNation,
Inc. (the "Company") confirmed that it had submitted a
preliminary, non-binding proposal to acquire the entire issued and
to be issued share capital of Pendragon PLC ("Pendragon"). After
further considering the opportunity, AutoNation today confirmed, as
required by Rule 2.8 of the U.K. City Code on Takeovers and
Mergers, that it does not intend to make an offer for
Pendragon.
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 U.S., to
expand our business portfolio in a meaningful and synergistic way,
and to create value for our shareholders."
About AutoNation, Inc.
AutoNation, a provider of
personalized transportation services, is driven by innovation and
transformation. As one of America's most admired companies,
AutoNation delivers a peerless Customer experience recognized by
data-driven consumer insight leaders, Reputation and J.D. Power.
Through its bold leadership and brand affinity, the AutoNation
Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us."
AutoNation has a singular focus on personalized transportation
services that are easy, transparent, and Customer-centric.
Please visit www.autonation.com, investors.autonation.com, and
www.twitter.com/AutoNation, where AutoNation discloses additional
information about the Company, its business, and its results of
operations. Please also visit www.autonationdrive.com, AutoNation's
automotive blog, for information regarding the AutoNation
community, the automotive industry, and current automotive news and
trends.
FORWARD-LOOKING STATEMENTS
This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act. All
statements other than statements of historical fact are, or may be
deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "targets,"
"projects," "plans," "believes," "continues," "may," "will,"
"could," and variations of such words and similar expressions are
intended to identify such forward-looking statements. Statements
regarding the Company's strategic initiatives, partnerships, and
investments, and other statements that describe the Company's
objectives, goals, or plans, are forward-looking statements. The
Company's forward-looking statements reflect its current
expectations concerning future results and events, and they involve
known and unknown risks, uncertainties, and other factors that are
difficult to predict and may cause the Company's actual results,
performance, or achievements to be materially different from any
future results, performance, and achievements expressed or implied
by these statements. These risks, uncertainties, and other factors
include, among others, the possibility that the Company will make
or participate in a future offer for Pendragon in accordance with
the Code, including in the event of a material change of
circumstances (as determined by the U.K. Takeover Panel on
Takeovers and Mergers) or the announcement by a third party of a
firm intention to make an offer for Pendragon, as well as other
factors described in the Company's news releases and filings made
under securities laws, including, among others, Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. Forward-looking statements contained in this news release
speak only as of the date of this report, and the Company
undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
U.K. City Code on Takeovers and Mergers
On
October 17, 2023, the Company issued
an announcement (the "Announcement") as required by Rule 2.8 of the
U.K. City Code on Takeovers and Mergers (the "Code") disclosing,
among other things, that the Company does not intend to make an
offer for Pendragon. As required by the Code, the
Announcement stated that the Company reserves the right to make or
participate in an offer for Pendragon within six months following
the date of the Announcement in the following circumstances: with
the agreement or recommendation of the board of Pendragon,
following the announcement by a third party of a firm intention to
make an offer for Pendragon, following the announcement by
Pendragon of a Rule 9 waiver proposal (as described in
Note 1 of the Notes on Dispensations from Rule 9 of the
Code or a reverse takeover (as defined in the Code), or if the U.K.
Takeover Panel on Takeovers and Mergers determines there has been a
material change of circumstances.
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SOURCE AutoNation, Inc.