Autobytel (ABTL) +12.3% AH after agreeing to acquire AutoNation (AN) subsidiary AutoUSA for $10M in cash and a $1M 6% convertible note payable in one lump sum in five years and convertible to ABTL common stock at a conversion price reflecting a 20% premium over the price of ABTL shares on the date of closing.
ABTL says the acquisition expands its reach and influence in the industry by increasing its national new and used car dealer network to more than 5,200 from ~3,800 while boosting its business with auto manufacturers.
ABTL expects the deal will be accretive to its 2014 results.
Mike Short, AutoNation's (AN) CFO for the last seven years, is leaving the company, effective today. Treasurer Cheryl Scully will serve as interim CFO while the company searches for a permanent replacement. (PR)
Short: "I have decided that now is the appropriate time to begin planning the next chapter, both professionally and personally for my family. By leaving now, both the Company and I will have the opportunity to start 2014 fresh."
Apple (AAPL), Google (GOOG), and AIG are the most popular (long) holdings of hedge funds, according to Goldman's latest hedge fund monitor, which analyzed the positions of 783 hedge funds with $1.7T of gross assets. Hedge fund holdings of AIG, however, account for 14 of the company's float compared to negligible amounts for Apple and Google.
AutoNation Inc., is an automotive retailer in the United States. The Company offers an automotive products and services, including new vehicles, used vehicles, parts and accessories, automotive services, automotive finance and insurance products.