Copart (CPRT) To Buy 1.5 Million Shares From CEO
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Copart (Nasdaq: CPRT) entered into an agreement with Willis J. Johnson, the CEO and a member of our board of directors, pursuant to which it will acquire 1,500,000 shares of our common stock at a price of $40.00 per share, or an aggregate purchase price of $60,000,000. The settlement date for the acquisition of the common stock is expected to be on or about July 11, 2008, and the purchase will be made pursuant to our existing stock repurchase program. The per share purchase price for the common stock to be acquired is based on the closing price of our common stock on July 1, 2008 (as reported by The NASDAQ Stock Market), less 5.5% or $2.35.
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