Copart Announces Final Results of Its Tender Offer
December 30 2015 - 7:45AM
Business Wire
Copart acquires 8,333,333 shares at $39.00 per
share
Copart, Inc. (NASDAQ: CPRT) today announced the final results of
its modified “Dutch Auction” tender offer, which expired at 5:00
p.m., New York City time, on Wednesday, December 23, 2015.
Based on the final count by the depositary for the tender offer,
an aggregate of 11,781,596 shares were properly tendered and not
withdrawn at or below a price of $39.00. Copart acquired 8,333,333
shares of its common stock at a purchase price of $39.00 per share
for a total cost of approximately $325.0 million, excluding fees
and expenses related to the tender offer. The 8,333,333 shares
represent approximately 6.9% of the shares issued and outstanding.
The shares accepted for purchase include the 7,317,073 shares
Copart initially offered to purchase and 1,016,260 additional
shares of Copart’s outstanding common stock that Copart has elected
to purchase pursuant to its right to purchase up to an additional
2% of its outstanding shares.
Because more than 7,317,073 shares of common stock were validly
tendered and not validly withdrawn, the offer was oversubscribed.
As a result, the depositary has informed Copart that, after giving
effect to the priority for “odd lots,” the final proration factor
is approximately 70.5% of the shares properly tendered and not
withdrawn at or below $39.00 per share.
The depository will promptly pay for the shares accepted for
purchase and will promptly return all shares tendered and not
accepted for purchase. After giving effect to the purchase of the
shares, Copart will have outstanding approximately
111.9 million shares of common stock.
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.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND
DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR THE SOLICITATION OF AN
OFFER TO SELL SHARES OF COPART COMMON STOCK. THE TENDER OFFER WAS
MADE ONLY PURSUANT TO THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL
AND RELATED MATERIALS THAT COPART DISTRIBUTED TO ITS STOCKHOLDERS
AND FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. STOCKHOLDERS
AND INVESTORS SHOULD READ CAREFULLY THE OFFER TO PURCHASE, LETTER
OF TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE
TENDER OFFER.
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 locations, 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, Canada, the United Kingdom, Brazil,
Germany, the United Arab Emirates, Oman, Bahrain, India, and
Spain.
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version on businesswire.com: http://www.businesswire.com/news/home/20151230005086/en/
Copart, Inc.Christopher M. Smith, 972-391-5021Senior Analyst,
Office of the Chief Financial
Officerchristopher.smith3@copart.com
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