LONDON (Reuters) – British private equity firm TDR Capital has offered to buy car auctioneer BCA Marketplace for about 1.91 billion pounds ($2.42 billion).
The recommended offer of 243 pence per share is a premium of about 25% to BCA’s closing price on June 19.
The two companies announced they were in advanced talks over a potential offer last Thursday.
BCA Marketplace owns online car selling site WeBuyAnyCar, through which it sold 219,000 cars in 2018.
A deal could provide a much-needed boost for under-fire fund manager Neil Woodford, who suspended his flagship fund earlier this month.
The manager owns 7.15% of BCA, according to Refinitiv Eikon data.
The TDR offer comes nearly a year after BCA rejected a takeover proposal from Apax Partners, saying it undervalued the company.
TDR provides services including vehicle collections and deliveries, inspection checks, customs management, storage, refurbishment, vehicle preparation, and financing.
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Home » Analysis & Comment » TDR Capital makes $2.4 billion offer for car auctioneer BCA Marketplace
TDR Capital makes $2.4 billion offer for car auctioneer BCA Marketplace
LONDON (Reuters) – British private equity firm TDR Capital has offered to buy car auctioneer BCA Marketplace for about 1.91 billion pounds ($2.42 billion).
The recommended offer of 243 pence per share is a premium of about 25% to BCA’s closing price on June 19.
The two companies announced they were in advanced talks over a potential offer last Thursday.
BCA Marketplace owns online car selling site WeBuyAnyCar, through which it sold 219,000 cars in 2018.
A deal could provide a much-needed boost for under-fire fund manager Neil Woodford, who suspended his flagship fund earlier this month.
The manager owns 7.15% of BCA, according to Refinitiv Eikon data.
The TDR offer comes nearly a year after BCA rejected a takeover proposal from Apax Partners, saying it undervalued the company.
TDR provides services including vehicle collections and deliveries, inspection checks, customs management, storage, refurbishment, vehicle preparation, and financing.
Source: Read Full Article