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AutoNation, Inc. To Receive Approximately $1.2 Billion Cash From Sale

28 April 1999

AutoNation, Inc. To Receive Approximately $1.2 Billion Cash From Sale Of Republic Services' Shares

    FORT LAUDERDALE, Fla., April 28 -- AutoNation, Inc.
announced today that it has completed the sale of 100 million
shares of Republic Services, Inc. at $16.875 per share. As a
result of the sale, AutoNation expects to receive net cash proceeds of
approximately $1.2 billion, which it will re-invest in capital projects,
acquisitions, and stock repurchases, as market conditions warrant. The Company
said the sale did not include an underwriters' over-allotment option of 12.1
million shares.
    AutoNation, Inc. is the world's largest automotive retailer, with more
than 380 automotive franchised dealerships in 20 states and 45 AutoNation USA
used vehicle megastores in 13 states. AutoNation is also one of the country's
leading automotive rental businesses, owning Alamo Rent-A-Car, National Car
Rental system, Inc., and CarTemps USA.