Cars.com (NYSE: CARS) won’t be driving away with a new buyer anytime soon.
Shares of the online automobile marketplace have been in freefall the past two days after the company said its ten-month journey to find a new suitor turned up empty handed.
Cars.com Completes Strategic Review
In a year’s time, Cars.com went from receiving unsolicited bids for a buyout to not being able to land anybody to take over the company. During the ten-month review period, the car search engine met with 29 potential suitors in a process that was overseen by JPMorgan Chase & Co.
“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 a statement, according to The Wall Street Journal.
Forbes indicated that the company remains open to additional offers.
Shares Get Pummelled
Disclaimer: Author holds no investment position in Cars.com at the time of writing.