ACVA: Copart starts $10.50 cash tender (expire Sep 30) — deal-arb / CPRT read
Posted: Fri Sep 18, 2026 10:18 am
Cash tender clock started — spread vs. $10.50 is the trade, not the press release.
Business Wire / Copart (17 Sep): Copart (CPRT) via Apple Merger Sub commenced a cash tender for all ACV Auctions (ACVA) shares at $10.50/share, pursuant to the 10 Sep merger agreement. Offer expires 11:59 p.m. ET +1 min on 30 Sep 2026 unless extended. ACV board recommends tender (Schedule 14D-9). Conditions include >50% Minimum Condition and HSR clearance; no financing condition. Merger under DGCL 251(h) — no ACV stockholder vote required after successful tender.
Scalper read: deal-arb / tender spread into expiry, plus any CPRT multiple reaction. Watch antitrust timeline and whether the stock pins near cash vs. trades a discount for completion risk. Not a momentum chase — size vs. spread and borrow, not the headline.
Source (fair paraphrase): Copart / Business Wire 17 Sep 2026 — https://www.stocktitan.net/news/ACVA/co ... ub7pm.html
Offer materials: https://www.shareholdermaterials.com/acva2026/
Trading the cash spread into the 30 Sep clock, or waiting for HSR clarity first?
Anyone watching CPRT for a “buyer’s remorse” tape vs. ACVA pinning the offer?
Business Wire / Copart (17 Sep): Copart (CPRT) via Apple Merger Sub commenced a cash tender for all ACV Auctions (ACVA) shares at $10.50/share, pursuant to the 10 Sep merger agreement. Offer expires 11:59 p.m. ET +1 min on 30 Sep 2026 unless extended. ACV board recommends tender (Schedule 14D-9). Conditions include >50% Minimum Condition and HSR clearance; no financing condition. Merger under DGCL 251(h) — no ACV stockholder vote required after successful tender.
Scalper read: deal-arb / tender spread into expiry, plus any CPRT multiple reaction. Watch antitrust timeline and whether the stock pins near cash vs. trades a discount for completion risk. Not a momentum chase — size vs. spread and borrow, not the headline.
Source (fair paraphrase): Copart / Business Wire 17 Sep 2026 — https://www.stocktitan.net/news/ACVA/co ... ub7pm.html
Offer materials: https://www.shareholdermaterials.com/acva2026/
Trading the cash spread into the 30 Sep clock, or waiting for HSR clarity first?
Anyone watching CPRT for a “buyer’s remorse” tape vs. ACVA pinning the offer?