FORT LAUDERDALE, Fla., April 19 /PRNewswire-FirstCall/ -- AutoNation, Inc.
(NYSE: AN), America's largest automotive retailer, announced today the final
results of its tender offer to purchase 50 million shares of the Company's
common stock at a price of $23 per share, which expired at 10:00 a.m., New
York City time, on April 12, 2006.
Based on the final tabulation by Computershare Trust Company of New York,
the depositary for the tender offer, 187,228,678 shares of common stock were
properly tendered and not withdrawn, excluding any conditional tenders that
were not accepted due to the specified condition not being satisfied. The
depositary has informed the Company that, after giving effect to the priority
for "odd lots" and the exclusion of conditional tenders not accepted, the
final proration factor is approximately 26.412%.
The depositary will promptly issue payment for the 50 million shares
validly tendered and accepted for purchase and will return all other shares
tendered and not accepted for purchase.
J.P. Morgan Securities Inc. and Banc of America Securities LLC acted as
dealer managers for the tender offer, and Innisfree M&A Incorporated served as
the information agent. For questions and information about the tender offer,
please contact the information agent toll free at (877) 825-8631.
About AutoNation
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's
largest automotive retailer and a component of the Standard and Poor's 500
Index. AutoNation has approximately 27,000 full-time employees and owns and
operates 346 new vehicle franchises in 17 states.
Certain statements and information included in this press release
constitute "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of AutoNation
to be materially different from any future results, performance or
achievements expressed or implied in such forward-looking statements.
Additional discussion of factors that could cause actual results to differ
materially from management's projections, estimates and expectations is
contained in AutoNation's SEC filings. AutoNation undertakes no duty to update
its forward-looking statements. Notwithstanding any statement in this press
release to the contrary, the safe harbor protections of the Private Securities
Litigation Reform Act of 1995 do not apply to statements made in connection
with a tender offer.
SOURCE AutoNation, Inc.
-0- 04/19/2006
/CONTACT: Marc Cannon, of AutoNation, Inc., +1-954-769-3146,
cannonm@autonation.com/
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060419/NYW041
PRN Photo Desk, photodesk@prnewswire.com /
/Company News On-Call: http://www.prnewswire.com/comp/750525.html /
/Web site: http://corp.autonation.com /
(AN)
CO: AutoNation, Inc.
ST: Florida
IN: AUT FIN
SU: TNM
MJ
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1769 04/19/2006 09:07 EDT http://www.prnewswire.com