BCA rejects takeover offer
11 June 2018
BCA Marketplace has rejected a takeover offer from private equity giant Apax Partners, according to a stockmarket statement by BCA.
“On 9 May 2018, the Board of BCA received a preliminary and conditional approach from Apax regarding an all cash offer for the Company of 200 pence per BCA share. After careful consideration the Board of BCA rejected the Proposal. No further proposals have been received,” said the statement.
Apax has investments in a host of industries around the world and was the investor that bought Auto Trader in 2014 from Guardian Media Group for £600 million, later floating the company on the stock market in 2015.
Shares in BCA Marketplace rallied at the end of last week to close at 211p, valuing the company at nearly £1.7bn.
Under stock market rules Apax now has until close of business on 8 July to either announce a firm intention to make an offer for BCA or announce that it does not intend to bid.
Reports in the national media have speculated that other companies may now also enter the bidding for BCA.
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