Pendragon Cancels Planned Acquisition Of Dealership In California; Stock Down

(RTTNews) - Shares of Pendragon PLC (PDG.L) declined around 3 percent in London trading after the automotive retailer said Monday that its planned acquisition of a dealership in California will now not be proceeding.

On March 25, Pendragon announced that it had agreed to acquire the trade and certain assets of a motor dealership located in Glendale, California, USA, from Texas Automobiles Leasing t/a Lexus of Glendale, subject to completion accounts and receipt of manufacturer agreements. The company now said that Lexus have a right, which they will be exercising, to purchase the dealership.

In London, Pendragon shares were trading at 37.75 pence, down 3.21 percent.