Current Price – $35.75
Offer Price – $34.75 – $36
Upside – minimal potential upside currently
Expiration date – 6 July 2015
Copart, Inc., a Delaware corporation, is offering to purchase up to 13,888,888 shares of our common stock, $0.0001 par value, at a purchase price not greater than $36.00 nor less than $34.75 per share. We will purchase up to 13,888,888 shares in the Offer (representing approximately 11.0% of our outstanding shares as of June 3, 2015), or if a lesser number of shares are properly tendered, all shares that are properly tendered and not properly withdrawn.
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 13,888,888 shares are purchased in the Offer at the maximum purchase price of $36.00 per share, the aggregate purchase price will be approximately $500.0 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.