Online vehicle shopping site Cars.com said Monday that it is talking with "multiple parties" as it continues to explore a potential sale of the company.
Cars.com said it doesn't have a timetable for making a decision on whether to sell the business. The update came as Cars.com said it was extending the deadline for its board of director nominations to 5 p.m. CST on June 5. The extension follows discussions with activist investor Starboard Value Inc., which publicly chastised the company in December for "an almost two-year continuing trend of customer losses and organic declines in revenue," despite increased operating expenses.
In a December letter, Starboard called for a leadership change or sale of the public company if there is not a marked improvement in results.
Cars.com said Monday that it would not comment further unless its board of directors has approved a "specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law."
Cars.com plans to report first-quarter financial results on May 10.
