American motor retailer AutoNation said on Tuesday it had withdrawn its offer for Pendragon only weeks after Hedin Mobility and PAG International also dropped their joint bid.
One of the potential suitors of Pendragon, the UK car dealer group at the centre of takeover talks with several prospective buyers, has publicly backed out.
Pendragon has unanimously rejected an unsolicited and preliminary proposal by Hedin Mobility and Penske
Hedin Automotive has expanded its representation with premium brands after acquiring Stephen James Group for an undisclosed sum.
