Movement Alert｜Copart Intraday Rise 5.2% in Regular Trading, ACV Auctions Deal Clears Antitrust Waiting Period

Market Focus10-15

On October 15, Copart rose 5.2% in Regular Trading, trading at $27.64, with turnover of $90.88 million.

The move followed company disclosure that the Hart-Scott-Rodino antitrust waiting period for its acquisition of ACV Auctions has expired, satisfying a key condition for completion of the tender offer.

Copart is offering $10.50 per share in cash for ACV Auctions through Apple Merger Sub. The company said the offer still depends on other conditions, including a minimum tender of more than 50% of ACV Auctions outstanding shares, and the tender offer is set to expire at 5 p.m. ET on October 15. Earlier extensions had been made to allow additional time for antitrust review, and as of September 30 about 81.3 million ACV shares, or 47.78% of shares outstanding, had been tendered.

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