AutoNation Shrugs Off Offer as ‘Nonsensical’

AutoNation Inc. said a buyout offer it got from a company calling itself Pegasus Capital Group Inc. was “nonsensical” and that a subsequent news release from Pegasus claiming its offer was spurned is probably part of a hoax. “We have no information that this is a credible offer,” said Jim Donahue, a spokesman for Fort Lauderdale, Fla.-based AutoNation, the largest U.S. auto retailer. “It’s so far removed from reality that it’s hardly worth commenting on.” Trading in AutoNation shares was delayed on the NYSE, where they finished the session at $6.44, up 6 cents.