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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) September 29, 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)
1-13107 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 September 29, 1997 Republic Industries, Inc. (the "Company") and Ameritech
Corporation issued a joint press release to announce the Company's intention to
sell substantially all assets of its security monitoring division to Ameritech
Corporation for approximately $610 million. Consummation of the transaction is
subject to government antitrust approval under Hart-Scott-Rodino.
The descriptions contained herein of the proposed sale of substantially all
assets of the Company's security monitoring division is qualified in its
entirety by reference to the Press Release dated September 29, 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/ James O. Cole
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James O. Cole
Senior Vice President,
General Counsel and Secretary
Date: September 29, 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 September 29, 1997.
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Exhibit 99
AMERITECH ANNOUNCES PLANS TO PURCHASE ASSETS OF REPUBLIC INDUSTRIES SECURITY
BUSINESS
CHICAGO, Sept. 29 - AMERITECH (NYSE:AIT) today announced a major move to expand
its presence in the high-growth security monitoring business by acquiring the
security monitoring assets of REPUBLIC INDUSTRIES, INC. (NYSE:RII). The
transaction is subject to government antitrust approval under Hart-Scott-Rodino.
The purchase price is approximately $610 million and Ameritech's security
monitoring customer base will increase by 54 percent.
"This is a significant step for Ameritech in offering customers the most
complete portfolio of communications services. Our plan is to be the leader in
this business and today's action is a step towards that goal," said Richard C.
Notebaert, Ameritech chairman and chief executive officer. "In keeping with our
strategy to introduce new services for customers, we see this as a tremendous
growth opportunity."
Republic Security Company Holdings, a subsidiary of Republic Industries, Inc.,
headquartered in Ft. Lauderdale, Fla., has 310,000 customers and 3,000
employees, located primarily in the Southeast, Mid-Atlantic, Midwest and Rocky
Mountain states. Ameritech's security monitoring subsidiary, SecurityLink from
Ameritech, would acquire its security monitoring assets. Effectively, this would
increase Ameritech's number of security monitoring customers from 566,000 to
nearly 900,000.
Commenting on the transaction, H. Wayne Huizenga, Republic chairman and
co-chief executive officer said, "Republic is committed to being the leader in
its industry categories. Although this business is growing at 25% and we have
been extremely pleased with the performance of our security division, we
recognize that it would take considerable management time and corporate
resources for Republic to achieve the leading position in electronic security.
This sale frees management to focus on Republic's rapidly expanding AutoNation
USA automotive retailing business, as well as our automotive rental, and solid
waste businesses, where we enjoy leadership positions."
AMERITECH (NYSE:AIT) serves millions of customers in 50 states and 40 countries.
Ameritech provides a full range of communications services, including local and
long distance telephone, cellular, paging, security monitoring, cable TV,
electronic commerce, on-line services and more. One of the world's 100 largest
companies, Ameritech (www.ameritech.com) has 68,000 employees, 1 million
shareowners and more than $23 billion in assets.
REPUBLIC INDUSTRIES, INC. (NYSE:RII) operates subsidiaries in the automotive
rental, automotive
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financial services, and solid waste services industries. The company owns the
world's largest chain of new car dealerships and is building a chain of used
car megastores which it operates under the AutoNation USA brand name. Republic
also owns the National, Alamo, Value, Snappy, and Spirit car rental companies.
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