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Cars.com decides against selling itself. The online car-shopping site said today that after conducting a strategic review, it “will focus on executing its strategic plan as an independent public company.”
Cars.com Inc. said its board has completed a strategic review without receiving any actionable bids and will now work to execute a plan to drive growth. The review was first announced on Jan. 16 and came after a push from activist shareholder Starboard Value. "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," the digital marketplace for cars said in a statement. "We remain open to all potential value creating opportunities." Shares have fallen 17% in 2019 through Friday, while the S&P 500 SPX, -0.73% has gained 17%.