Copart extends tender offer to acquire ACV

DALLAS--()--October 08, 2026-- Copart, Inc. (Nasdaq: CPRT) ("Copart") today announced that its wholly owned subsidiary Apple Merger Sub, Inc. ("Purchaser") has further extended the expiration date of its all-cash tender offer to purchase all of the issued and outstanding shares of common stock, par value $0.001 per share (the "Shares"), of ACV Auctions Inc. (NYSE: ACVA) ("ACV"), at a price of $10.50 per Share, net to the seller in cash, without interest, subject to any applicable withholding taxes. The tender offer, which was previously extended and scheduled to expire at 5:00 p.m., Eastern Time, on October 7, 2026, has been further extended and will now expire at 5:00 p.m., Eastern Time, on October 15, 2026, unless further extended or earlier terminated. The extension is intended to allow additional time for the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), which is scheduled to expire at 11:59 p.m., Eastern Time, on October 13, 2026, but may be terminated earlier if the applicable agencies exercise their discretion to grant early termination. The tender offer is being made pursuant to an Agreement and Plan of Merger, dated as of September 10, 2026, by and among ACV, Copart and Purchaser (the "Merger Agreement"). Consummation of the offer remains subject to certain conditions, including, among others, (a) the Minimum Condition (as defined below) and (b) the expiration or termination of the waiting period (and any extension thereof) under the HSR Act. The "Minimum Condition" means that there will have been validly tendered (and not validly withdrawn) in the Offer a number of Shares that, together with the Shares then owned by Purchaser and its affiliates (as such term is defined in Section 251(h)(6) of the General Corporation Law of the State of Delaware ("DGCL")), represents at least one Share more than 50% of the total number of Shares outstanding at the time of expiration of the Offer, excluding for these purposes Shares tendered in the Offer that have not yet been "received" by the "depository" (as such terms are defined in Section 251(h)(6) of the DGCL). Computershare Trust Company, N.A., the depositary for the tender offer, has advised Purchaser that, as of 5:00 p.m., Eastern Time, on October 7, 2026, approximately 90,199,271 Shares have been validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 52.84% of the outstanding Shares. Stockholders who have already tendered their shares do not need to retender such shares or take any other action as a result of the extension of the tender offer. The documentation relating to the Offer (including the Offer to Purchase, the Letter of Transmittal and Schedule 14D-9) can be accessed at the following The Offer to Purchase, the related Letter of Transmittal and the Schedule 14D-9 (which contains the recommendation of the ACV Board and the reasons therefor) contain impo