(RTTNews) - Thursday, Copart, Inc. (CPRT) announced that its subsidiary, Apple Merger Sub, Inc., has commenced a tender offer to purchase all issued and outstanding shares of common stock of ACV Auctions Inc. for $10.50 per share.

Upon acceptance, the subsidiary will merge with and into ACV, with ACV continuing as the surviving corporation and a wholly owned subsidiary of Copart.

The company added that the offer and withdrawal rights will expire on September 30, 2026.

In pre-market hours, CPRT was trading at $30.70, down 0.39 percent on the Nasdaq.