DealerTrack Holdings (TRAK) announced that it has entered into a definitive deal for it to buy Arkona for $1.38 per share of common stock. The company noted that the total acquisition price of the deal is about $58.9 million.
The company stated that this purchase would bring together it, a leading provider of on-demand software and data solutions for the automotive retail industry, and Arkona, a leading provider of on-demand dealer management systems for automotive dealerships.
The company further stated that the deal has been prepared as a cash tender offer for 100% of Arkona's outstanding capital stock. The company noted that it intends to commence the offer on or about May 1, 2007. The company said that the deal has been unanimously approved by each company's board of directors, and Arkona stockholders who own about 30% of Arkona's outstanding shares have committed to tender their shares in the tender offer.
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