AutoNation proposes to acquire Pendragon PLC for 32p per share in cash

AUTONATION, INC.

AutoNation submitted a non-binding preliminary proposal to acquire all Pendragon shares at 32 pence per share in cash.
Pendragon's board will consider the proposal and consult shareholders; no certainty a firm offer will be made.
AutoNation must announce firm intention or withdrawal by October 24, 2023, per UK Takeover Code Rule 2.6(a).
Acquisition would be all-cash; no AutoNation stock issuance and no shareholder vote required.
Proposal is subject to pre-conditions, including completion of due diligence.

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