Copart (CPRT) – Odd Lot Tender Offer – $200 potential upside

Current Price – $39.05

Offer Price – $38 – $41

Upside – 5% or $200 (if the upper pricing limit is used)

Expiration date –  23 December 2015

SEC Filling

 

Summary:

Copart, Inc., is offering to purchase up to 7,317,073 shares of our common stock, $0.0001 par value, at a purchase price not greater than $41.00 nor less than $38.00 per share. This offer represents approximately 6.1% of CPRT outstanding shares as of November 23, 2015

 

No proration for Odd Lot holders:

First, we will purchase all the Shares, from all holders of “odd lots” of fewer than 100 shares who properly tender all of their shares and do not properly withdraw them before the expiration of the Offer;

 

Source of Funds:

Assuming that 7,317,073 shares are purchased in the Offer at the maximum purchase price of $41.00 per share, the aggregate purchase price will be approximately $300.0 million. We anticipate that we will pay for the shares tendered in the Offer, as well as paying related fees and expenses, from our cash, cash equivalents and short-term investments.