Copart starts shares buyback process
Copart Inc has commenced a modified ‘Dutch Auction’ tender offer to purchase up to 7,317,073 shares of its common stock at a purchase price not greater than $41.00 nor less than $38.00 per share.
The number of shares proposed to be purchased in the tender offer represents approximately 6.1% of the approximately 120,236,510 shares of Copart common stock currently outstanding. Assuming 7,317,073 shares are repurchased at the maximum price of $41.00 per share in the tender offer, the Company will repurchase a total of approximately $300.0 million of its common stock in the tender offer. The last reported trading price of Copart common stock on the NASDAQ Global Select Market on 23 November 2015 was $37.20 per share.
The tender offer will expire on 23 December 23 2015, unless extended by Copart.
All of Copart’s directors and executive officers have advised Copart that they do not intend to tender any of their shares in the tender offer.