CHICAGO — Cars.com said it finished a strategic review with “no actionable bids” for the company and “will focus on executing its strategic plan as an independent public company.”
Shares in the company plunged 37 percent to $11.32 in early trading Monday.
“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,” Chairman Scott Forbes said in a statement. “The process did not yield actionable options for a sale of the company.”