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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 14, 1997
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REPUBLIC INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-9787 73-1105145
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(Commission (IRS Employer
File Number) Identification No.)
450 East Las Olas Boulevard
Suite 1200
Ft. Lauderdale, FL 33301
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (954) 713-5200
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N.A.
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On January 14, 1997, Republic Industries, Inc. (the "Registrant") announced
its intention to acquire Maroone Automotive Group ("Maroone"). It is
contemplated that the Registrant will issue shares of its common stock, $0.01
par value having a value of approximately $200 million in connection with the
acquisition. Consummation of the acquisition is subject to customary
conditions, including receipt of regulatory approvals.
The descriptions contained herein of the acquisition of Maroone are qualified
in their entirety by reference to the Press Release, dated January 14, 1997,
attached hereto as Exhibit 99, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The Exhibits to this Report are listed in the Exhibit Index
set forth elsewhere herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REPUBLIC INDUSTRIES, INC.
By: /s/ Michael S. Karsner
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Michael S. Karsner
Senior Vice President and
Chief Financial Officer
Date: January 30, 1997
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REPUBLIC INDUSTRIES, INC.
EXHIBIT INDEX
Number and
Description of Exhibit
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1. None
2. None
4. None
16. None
17. None
21. None
23. None
24. None
27. None
99. Press Release, dated January 14, 1997.
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EXHIBIT 99
[LOGO] REPUBLIC
INDUSTRIES, INC.
450 East Las Olas Boulevard
Suite 1200
Fort Lauderdale, Florida 33301
954-713-5200
954-713-2115 FAX
FOR IMMEDIATE RELEASE CONTACT: RON CASTELL
- --------------------- (954) 713-5355
REPUBLIC INDUSTRIES TO ACQUIRE MAROONE AUTOMOTIVE GROUP
Ft. Lauderdale, Florida (January 14, 1997)--Republic Industries, Inc.
(NASDAQ:RWIN) announced today that it has agreed to acquire Maroone Automotive
Group, which owns and operates seven new and used vehicle dealerships. In
connection with the transaction, Michael E. Maroone will become President of
Republic's New Car Division.
Maroone Automotive Group includes the fourth largest Chevrolet store,
third largest Dodge location and largest Isuzu franchise in the United States.
The group also owns Ford and Oldsmobile franchises. Six of the Maroone stores
are located in South Florida and one is in Buffalo, New York.
H. Wayne Huizenga, Chairman and Co-Chief Executive Officer of Republic,
stated "The Maroone Automotive Group will be a key component of our vehicle
retailing strategy. As part of this strategy, we plan to have new vehicle
stores in markets where we are developing AutoNation USA. Maroone Automotive
will enable us to add more major automotive brands as a complement to our used
car megastores in South Florida."
Mr. Huizenga continued, "We are extremely pleased to have someone with
Mike Maroone's talent and experience as part of our management team. He is one
of the most successful businessmen in the automotive industry. Mike and his
father, Al Maroone, built a great operation with their innovative approach to
retailing. We look forward to Mike's leadership in our new vehicle division."
Mike Maroone commented, "We are very pleased about our upcoming
association with Republic Industries and AutoNation. Their strategic plans,
retail innovations and total commitment to their customers are a perfect fit
for the culture we have created in the Maroone Automotive Group. I am also very
excited about becoming President of Republic's fast growing new car business
and working with their strong management team."
The transaction, which is valued at approximately $200 million, includes
the acquisition of Maroone's existing dealerships, new locations and franchises
under development, and all related real estate and other ancillary businesses,
in exchange for Republic common stock. The closing of the transaction is
subject to customary conditions, including approval by appropriate
manufacturers and regulatory agencies as well as by the Republic Board of
Directors. The transaction will be accounted for as a pooling of interests.
Republic is a diversified company operating in the automotive, solid
waste, electronic security services and out-of-home media industries.
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