Cars.com, an online car retail platform, will remain independent after the company conducted a review and didn't find a buyer. After revealing that the company wasn't able to find a buyer their stock dropped by an entire third.
The company said that during its 10-month process it met with 29 potential suitors.
“The Board has concluded that the best interests of shareholders are served by continuing to focus on our strategic plan and opportunities to drive growth and shareholder returns,” Cars.com Board Chairman Scott Forbes said in prepared remarks.
Forbes added the company remains open to further offers.
Activist investor Starboard Value LP has two seats on Cars.com’s board. The company said those two directors were active parts of the review process. Starboard has a roughly 9.6% stake in Cars.com, according to FactSet.
Last summer, Cars.com received unsolicited bids from interested buyers. It then hired JPMorgan Chase & Co. to conduct a confidential review and reach out to other possible buyers.
The company said it decided to go public with the review in January to expand the process and address speculation.
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