The company said it will now focus on continuing to execute 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," said Chairman Scott Forbes.
Cars.com shares have fallen 20% from their level on Jan. 16, 2019, the day the company first announced the strategic review. In premarket trading Monday, the stock was off 27.7% to $13.03.
Cars.com appointed two board seats to nominees from institutional stakeholder Starboard Value as part of a 2018 settlement. The company said that all decisions made by the board were unanimous.
Cars.com was down 38% to $11.16 Monday.
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