One of the three bidders for Pendragon has withdrawn, the car dealer announced today.
Hedin and PAG confirm that they do not intend to make an offer for Pendragon, said the statement, ruling them out for six months under takeover rules.
Hedin Mobility and PAG International or Penske made an approach worth 32p per share at the end of September, a 14% improvement on a previous offer that was also rejected.
AutoNation is an American automotive retailer based in Fort Lauderdale, Florida, which provides new and pre-owned vehicles and associated services in the US has also offered 32p.
Pendragon started the bidding war when it agreed to sell its entire UK motor business and leasing business to Lithia Motors, with it keeping its Pinewood dealer management software.