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Asbury Automotive says holders to sells 2 million shares

From Automotive News| April 05,2007

Asbury Automotive Group Inc. said certain funds affiliated with the company's largest stakeholder, Freeman Spogli & Co., have agreed to sell a total of 2 million stock shares in an underwritten public offering.

The funds have also granted the underwriter an option to purchase up to 300,000 additional shares, the automobile retailer said in a statement.

The company will not receive any proceeds from the offering, it added.

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