Copart launches $10.50-a-share cash tender offer for ACV

Copart ($CPRT) launched its cash tender offer for all outstanding ACV ($ACVA) Auctions shares at $10.50 each, advancing the previously announced merger agreement. ACV’s board recommended that shareholders accept the offer. The new event is the start of the formal shareholder tender process, not a second acquisition agreement or confirmation that Copart has already taken control.

Completion requires sufficient shares to be tendered to satisfy a majority threshold, alongside the applicable antitrust waiting period and other conditions. The offer is not subject to a financing condition. After a successful tender, the planned merger would make ACV a wholly owned Copart subsidiary without a separate ACV shareholder vote. The offer price is fixed in cash, but closing remains conditional until the tender and regulatory requirements are met.

Sources:

• Copart — tender-offer commencement, company release reprint