Copart Announces Preliminary Results of Its Tender Offer
July 07 2015 - 8:00AM
Business Wire
Copart expects to acquire 6,262,579 shares at
$36.00 per share
Copart, Inc. (NASDAQ:CPRT) today announced the preliminary
results of its modified “Dutch Auction” tender offer, which expired
at 5:00 p.m., New York City time, on Monday, July 6, 2015.
Based on the preliminary count by the depositary for the tender
offer, Copart expects to accept for payment an aggregate of
6,262,579 shares of its common stock at a purchase price of $36.00
per share. These shares represent approximately 4.9 percent of the
shares issued and outstanding.
Based on the preliminary count by the depositary for the tender
offer, an aggregate of 6,262,579 shares were properly tendered and
not withdrawn at or below a price of $36.00, including 787,325
shares that were tendered through notice of guaranteed
delivery.
The number of shares to be purchased and the price per share are
preliminary. The determination of the final number of shares to be
purchased and the final price per share is subject to confirmation
by the depositary of the proper delivery of the shares validly
tendered and not withdrawn. The actual number of shares validly
tendered and not withdrawn and the final price per share will be
announced following the completion of the confirmation process.
Payment for the shares accepted for purchase will occur promptly
thereafter. Payment for shares will be made in cash, without
interest.
The self-tender offer was made pursuant to an Offer to Purchase
and Letter of Transmittal, each dated June 4, 2015, in which the
Company offered to purchase up to 13,888,888 shares at a price not
greater than $36.00 per share and not less than $34.75 per share,
filed with the Securities and Exchange Commission on June 4, 2015,
as amended on June 24, 2015.
The information agent is Georgeson Inc. and the depositary is
Computershare Trust Company, N.A. For questions and information
regarding the tender offer, please call the information agent at
1-800-932-9864.
About Copart
Copart, founded in 1982, provides vehicle sellers with a full
range of remarketing services to process and sell salvage and clean
title vehicles to dealers, dismantlers, rebuilders, exporters and,
in some states, to end users. Copart remarkets the vehicles through
Internet sales utilizing its VB3 technology. Copart sells vehicles
on behalf of insurance companies, banks, finance companies, fleet
operators, dealers, car dealerships and others as well as cars
sourced from the general public. The company currently operates in
the United States and Canada (www.copart.com), the United Kingdom
(www.copart.co.uk), Brazil (www.copart.com.br), Germany
(www.copart.de), the United Arab Emirates and Bahrain
(www.copartmea.com), and Spain (www.autoresiduos.com). Copart links
sellers to more than 750,000 members in over 150 countries
worldwide through its multi-channel platform. Copart was recently
ranked at the top of Deloitte's "Exceptional 100" list of
companies, which reviewed U.S. publicly traded companies based upon
a multidimensional approach to measuring financial performance. For
more information, or to become a Member, visit www.copart.com.
Forward-Looking Statements
This press release contains forward-looking statements, as
defined under the federal securities laws. These forward-looking
statements include statements regarding Copart’s expectation
regarding the number of shares to be purchased, the price at which
such shares will be purchased, and the payment for shares related
thereto. These forward-looking statements are not guarantees and
are subject to risks, uncertainties and assumptions that could
cause the actual number of shares to be purchased, or the price at
which shares are ultimately purchased, to differ materially and
adversely from the number and amount expressed in the
forward-looking statements in this press release. Results may
differ due to various factors, such as the possibility that
stockholders may not tender their shares in the tender offer, or to
other conditions to completion of the tender offer are not
satisfied. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as to Copart’s
expectations as of the date hereof. Copart undertakes no obligation
to update these forward-looking statements as a result of events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20150707005548/en/
Copart, Inc.Wendy Ganey, 972-391-5043Assistant to the Chief
Financial Officerwendy.ganey@copart.com
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