(Reuters) – U.S.-based AutoNation said on Tuesday it will not make an offer for Pendragon, just weeks after the British automotive retailer’s top shareholder Hedin Mobility and PAG International also dropped their joint bid.
Pendragon had earlier this month agreed to Lithia Motors’ offer of 397 million pounds ($483.82 million) for its UK motor and leasing businesses.
($1 = 0.8205 pounds)
(Reporting by Akshita Toshniwal in Bengaluru; Editing by Krishna Chandra Eluri)