HOFFMAN ESTATES, Ill. and ALBANY, N.Y., March 20, 2018 (GLOBE NEWSWIRE) -- CDK Global (Nasdaq:CDK) and Auto/Mate Dealership Systems have jointly agreed to terminate the previously announced acquisition of Auto/Mate by CDK. The planned transaction, announced on May 24, 2017, was subject to regulatory review and other customary closing requirements. Under the terms of the original agreement, there is no termination fee.
The Federal Trade Commission had notified the parties of its opposition to the proposed acquisition, leading to the decision to terminate. Both companies expressed disappointment at not being able to complete the transaction in a timely fashion, citing the desire, in the face of regulatory resistance, to redirect their resources and attention to their businesses. The companies intend to focus on delivering value to their respective customers in a competitive marketplace.
About CDK Global
With more than $2 billion in revenues, CDK Global (Nasdaq:CDK) is a leading global provider of integrated information technology and digital marketing solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK provides solutions to dealers in more than 100 countries around the world, serving approximately 28,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process from targeted digital advertising and marketing campaigns to the sale, financing, insuring, parts supply, repair and maintenance of vehicles. Visit cdkglobal.com.
Auto/Mate Dealership Systems is a leading provider of dealership management system software to retail automotive dealerships, typically saving dealers thousands of dollars per month from their current provider. AMPS® is a user-friendly, feature-rich DMS in use by more than 1,350 auto dealers nationwide. Auto/Mate has received consecutive DrivingSales Dealer Satisfaction Awards. Auto/Mate’s employees have more than 1,200 years of combined experience working in franchised auto dealerships, the foundation of its By Car People, For Car People™ slogan. Auto/Mate is committed to winning its customers’ business each and every month with no long-term contracts and free software upgrades.
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Source:CDK Global, Inc.