Cars.com has concluded its strategic review process with no actionable bids for the company and will focus on executing its strategic plan as an independent public company.
"The board is fully focused on driving shareholder value. We have conducted an exhaustive strategic review process, engaging with several interested parties to evaluate the relative benefits of various strategic alternatives with the purpose of maximizing value for our shareholders," Cars.com Chairman Scott Forbes said in a statement.
"The process did not yield actionable options for a sale of the company. As a result, and after consultation with our financial and legal advisors, 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 as an independent public company.”
As part of a 2018 settlement between Cars.com and Starboard Value, the company appointed two new directors proposed by Starboard to the board of Cars.com. Those directors, including a member of the transaction committee, were actively engaged in the sale process and all actions and decisions of both the committee and the full board were unanimous, the company reports.
The process lasted 10 months and involved 29 interested, prospective bidders, according to a release.
“We remain open to all potential value-creating opportunities,” Forbes added in the release.
Related story: Cars.Com Keeps An Open Mind When It Comes To M&A