US car dealer AutoNation sets up bidding war for Pendragon

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US car retailer AutoNation has offered to buy Pendragon, setting up a three-way bidding war for one of the UK’s largest car dealerships.

Based in Fort Lauderdale, Florida, AutoNation’s bid values Pendragon at £447mn. Pendragon said it was “carefully considering” the proposal, which was pitched at 32p a share.

Shares in Pendragon jumped 10 per…