Tuesday, 5 Nov 2024

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.

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