US based vehicle remarketing services Cox Automotive has voluntarily pulled out its filing under the Hart-Scott-Rodino Antitrust Improvements Act as amended to provide the US Department of Justice additional time for reassessing the proposed purchase of Dealertrack Technologies.
Earlier, on June 15, a definitive merger pact was inked between Cox Automotive and Dealertrack which mandated Cox Automotive conduct the acquisition of Dealertrack in a transaction to the tune of $4bn, which translates into $63.25 a share, subject to certain conditions.
As per the latest development, the new waiting period will come into action under the HSR Act when Cox Automotive submits its HSR filing again, likely to be on July 8.
Till then, the Cox Automotive and Dealertrack will go on cooperating with the US Department of Justice staff towards reviewing their transaction, expected to close in the third quarter of this year.
Cox Automotive caters to consumers, dealers, manufacturers and the overall automotive industry with its vehicle remarketing products as well as digital marketing and software solutions.
Based in Atlanta, Cox Automotive has Manheim, Autotrader, Kelley Blue Book, vAuto, Xtime, NextGear Capital, and a slew of operations under its umbrella. The company has a 24,000-strong workforce spread over 150 locations across the world.
