AutoNation confirms initial, non-binding offer for U.K. car dealer Pendragon

AutoNation Inc.
AN,
-0.24%
confirmed Tuesday it made a non-binding proposal to buy U.K. car-dealer chain Pendragon PLC
PDG,
+2.23%,
and added that it had not consented to Pendragon making the proposal public. In a filing with the Securities and Exchange Commission, AutoNation said it did a non-binding preliminary proposal of 32 pence per share offer for Pendragon, which would not require board approval. Pendragon’s leak came via a Tuesday press release, which said that its board would consider the offer. Pendragon admitted that the announcement was coming without AutoNation’s consent. In London trading, Pendragon shares rose 2.2%. AutoNation shares rose 0.2%.