Published on : Jun 15, 2015
Cox Automotive Inc. and Dealertrack Holdings have entered into a definite merger deal. Cox Automotive will take over Dealertrack at US$4 billion in all cash transaction, which comes out to be US$63.25 per share. The takeover is subjected to a condition according to which minimum tender of at least majority of the Dealertrack common shares that are outstanding and customary closing conditions, and the deal is expected to close in the third quarter of 2015.
The board of directors at Dealertrack have unanimously agreed upon the acquisition and recommends that stockholders of Dealertrack should tender their shares which will be favorable for the transaction.
The coming together of Dealertrack and Cox Automotive will create a large spectrum of open solutions to offer great value for consumers, lenders, dealers, manufacturers, and the overall automotive industry.
The broad solution set by Dealertrack will excellently complement the vehicle remarketing services, software solutions, and digital markets to serve the wide automotive ecosystems. In addition to this, the coupling will vouch for better customer service all over the world through the international foot print of each of the two companies.
Cox automotive, and Dealertrack, together will have good positions to aid customers grow their business and escalated efficiency as they enter a rapidly growing automotive sector.
The agreement comes together as a great investment for the customers and the overall auto industry, as commented by president of Cox automotive. The company has always admired the team at Dealertrack and its associated brands that are highly respectable.
The integration of the two platforms will be a big leap in the common vision which is about providing cost effective, open, and efficient solutions for lenders, manufacturers, consumers, and dealers.
The company looks forward to work with the oncoming director of the agreement, for innovate services for the customers.