Mergers and Acquistions News
Categories: IT Services & Consulting
January 5th 2009, 15:33PM
Car retailer Pendragon has abandoned plans to raise funds by divesting its software subsidiary, Pinnacle.
According to the Sunday Times, the company had been looking to offload the IT firm which supplies back-office software to dealerships for around £60 million.
The company had hoped that any deal would raise cash in order to allow it to buy time when it came to negotiating with its creditors.
However, the sale has now been put on hold due to a lack of interest in Pinnacle.
Pendragon, which itself was built up through a series of mergers and acquisitions, saw its share price lose 95 per cent of its value over the course of 2008.
In other news, it was recently revealed that Candian firm Constellation Software has failed in its attempt to purchase UK rival Gladstone.
The proposed deal lapsed as Constellation was unable to acquire half of the outstanding stock of Gladstone.
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