LKQ Corp. announced the completion of its tender offer to purchase all outstanding shares of common stock of The Coast Distribution System Inc. for $5.50 per share in cash. The tender offer expired at midnight EDT at the end of the day on Tuesday (Aug. 18).
LKQ, parent to distributors Keystone Automotive Operations Inc. and NTP-Stag, reported in a statement that the depositary for the tender offer has advised LKQ that as of the expiration of the tender offer, approximately 4,367,676 shares have been validly tendered and not properly withdrawn in the tender offer (including 59,105 shares tendered through notices of guaranteed delivery), representing approximately 84.04% of Coast’s outstanding shares.
Accordingly, the minimum tender condition for LKQ’s pending acquisition of Coast has been satisfied. As a result, LKQ accepted for payment in accordance with the terms of the tender offer all shares of Coast common stock that were validly tendered and not withdrawn prior to expiration of the tender offer, and payment for such shares will be made promptly.
LKQ expects to complete the acquisition of Coast later today through a merger effected pursuant to Section 251(h) of the General Corporation Law of the state of Delaware.