DealerTrack to Acquire Arkona, Inc.
27 4월 2007 - 10:15PM
PR Newswire (US)
LAKE SUCCESS, N.Y. and SOUTH JORDAN, Utah, April 27
/PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. (NASDAQ:TRAK)
and Arkona, Inc. (OTC:ARKN) (BULLETIN BOARD: ARKN) have signed a
definitive agreement for DealerTrack to acquire Arkona for $1.38
per share of common stock. The total purchase price of the
transaction is approximately $58.9 million. This acquisition will
bring together DealerTrack, 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 transaction has been structured as
a cash tender offer for 100% of Arkona's outstanding capital stock.
The offer price represents a 3 percent premium over the closing
stock market price of Arkona on April 26, 2007 and a 16.9 percent
premium relative to Arkona's average closing stock price over the
prior three months. DealerTrack intends to commence the offer on or
about May 1, 2007. The transaction has been unanimously approved by
each company's board of directors, and Arkona stockholders who own
approximately 30 percent of Arkona's outstanding shares have
committed to tender their shares in the tender offer. "The
acquisition of Arkona supports our goal of providing a seamless on-
demand solution that addresses the technology needs of
DealerTrack's dealer customers," said Mark O'Neil, chairman and
chief executive officer of DealerTrack. "We also believe that
Arkona can facilitate our plans to expand our network and
subscription offerings to independent dealers, and the marine and
specialty markets." Additional details regarding the tender offer
and the transaction will be disclosed in tender offer documents
that will be filed concurrently with commencement of the tender
offer. Arkona's stockholders will be able to obtain copies of these
documents free of charge, along with other documents filed with the
Securities and Exchange Commission, at http://www.sec.gov/. Arkona
stockholders can also obtain free copies of the
solicitation/recommendation statement, along with any documents
Arkona has filed with the SEC, by request to Arkona, Inc. at 10757
South River Front Parkway, Suite 400, South Jordan, UT 84095,
Attention: Leland Boardman, telephone: (801) 501-7100. DealerTrack
stockholders can obtain copies of the tender offer statement free
of charge, along with any documents DealerTrack has filed with the
SEC, by request to DealerTrack at 1111 Marcus Avenue, Suite M04,
Lake Success, NY 11042, Attention: Investor Relations, telephone:
(516) 734-3600. The tender offer described in this release has not
yet commenced. This announcement is neither an offer to purchase
nor a solicitation to sell shares of Arkona. Arkona stockholders
are urged to read the tender offer statement, the
solicitation/recommendation statement and any other relevant
documents relating to the tender offer described above to learn
important information about Arkona, DealerTrack and the proposed
transaction. About DealerTrack DealerTrack Holdings, Inc.
(NASDAQ:TRAK) is a leading provider of on- demand software and data
solutions for the U.S. automotive retail industry. Our solutions
enable dealers to receive consumer leads, submit credit
applications, compare financing and leasing options, sell insurance
and other aftermarket products, document compliance, and execute
financing contracts electronically. Over 22,000 dealers, more than
350 financing sources, and many other service and information
providers are active in the DealerTrack network. For more
information, visit http://www.dealertrack.com/. About Arkona
Founded in 1996, Arkona is a technology leader in ASP-based
automotive and power sports management solutions. For more
information, visit the Arkona web site at http://www.arkona.com/.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack, the tender
offer to acquire Arkona shares, plans to expand our network, plans
for additional subscription offerings and all other statements in
this release other than the recitation of historical facts are
forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995). These statements involve a number
of risks, uncertainties and other factors that could cause actual
results, performance or achievements of DealerTrack to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. Factors that might cause such a difference include: the
ability to retain Arkona's customer base, the ability to integrate
Arkona's business, and other risks listed in DealerTrack's 2006
Form 10-K and other SEC filings. These filings are available on
DealerTrack's website at http://www.dealertrack.com/ and the SEC's
website at http://www.sec.gov/. Forward-looking statements included
herein speak only as of the date hereof. The closing of the tender
offer to acquire Arkona is subject to a number of risks, including
a failure to satisfy one or more of the closing conditions.
DealerTrack disclaims any obligation to revise or update such
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events or
circumstances. CONTACT: Investor Relations Liz Zale 516.734.3758
Media Relations Raphael Carty 516.734.3777 DATASOURCE: DealerTrack
CONTACT: Investors, Liz Zale, +1-516-734-3758, , or Media, Raphael
Carty, +1-516-734-3777, , both of DealerTrack Web site:
http://www.arkona.com/ http://www.dealertrack.com/
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