Update No. 5 on Cox Automotive’s bid for Dealertrack
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ATLANTA & LAKE SUCCESS, N.Y. –
Late on Thursday, Cox Automotive and Dealertrack Technologies issued a one-sentence update on the planned acquisition first announced back on June 12.
The companies have extended the tender offer four times and now say the transaction is expected to close in October.
Regulatory hurdles and securing a majority of shareholder approval have been some of the hurdles Cox Automotive and Dealertrack have encountered in an attempt to finalize the $4.2 billion acquisition.
When Cox Automotive completes the acquisition, its portfolio will include not only Dealertrack but also major industry players Manheim, Autotrader, Kelley Blue Book, vAuto and NextGear Capital.
