CDK Global, Auto/Mate terminate transaction

CDK Global in Hoffman Estates and Auto/Mate Dealership Systems have jointly agreed to terminate the previously announced acquisition of Auto/Mate by CDK.

The planned transaction, announced in May 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.