Automotive seller Pendragon mentioned on Friday talks over a possible takeover of the corporate had been terminated after the bidder withdrew its curiosity, as one of many firm’s 5 main shareholders didn’t take part.

The corporate didn’t disclose the identification of the bidder, who was seeking to supply about 460 million kilos ($558.35 million) for the corporate.

Pendragon, which ranked No. 9 amongst Europe’s largest seller teams final 12 months, has been making massive income due to sturdy demand for used automobiles and pent-up gross sales after lockdown restrictions had been lifted.

Nevertheless, the corporate warned in March that the Russia-Ukraine battle may disrupt new-vehicle provide chains and result in increased prices.

Sky Information in March reported that Hedin Group, Pendragon’s largest shareholder, tabled a proposal to purchase the corporate which was later rejected.