ACV Auctions Inc. (NYSE:ACVA)—one of the leading car auction marketplaces in the US—saw its share price jump by 49 percent week-on-week, taking the first spot in the top-performing stocks in last week's shortened trading session.
This followed an announcement from its Texas-based counterpart, Copart Inc., under which the latter's subsidiary will acquire all of ACVA shares in an all-cash transaction at a price of $10.50 apiece, or for a total of $1.9 billion.
The offer price marked a 45 percent premium over its closing price of $7.22 on Thursday, September 10, prior to the announcement.
The completion of the tender offer is subject to the successful acquisition of a majority stake in ACVA or the expiration of the waiting period.
The transaction is expected to be completed by the end of the year.
#percent
This followed an announcement from its Texas-based counterpart, Copart Inc., under which the latter's subsidiary will acquire all of ACVA shares in an all-cash transaction at a price of $10.50 apiece, or for a total of $1.9 billion.
The offer price marked a 45 percent premium over its closing price of $7.22 on Thursday, September 10, prior to the announcement.
The completion of the tender offer is subject to the successful acquisition of a majority stake in ACVA or the expiration of the waiting period.
The transaction is expected to be completed by the end of the year.
#percent
2 hours ago
