20 June 2019

The board of BCA Marketplace has confirmed that it has received a takeover bid for the company that would take it back into private ownership. The board said it is in “advanced discussions” with private equity firm TDR Capital over an all-cash bid of 243 pence per share. That would value the firm at approximately £1.9bn.

The offer represents a 25% premium on the closing share price of 195 pence per share on 19 June 2019 and a 29.5% premium to the volume-weighted average price of 187.7 pence per share for the month ended 19 June 2019.

The statement said: “Having considered the proposal carefully together with its advisers, the board of BCA confirms that should TDR or an entity controlled by TDR announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on these terms, the board of BCA intends to recommend unanimously that BCA’s shareholders accept the offer.”

BCA confirmed that a shareholder dividend, due to be announced at the posting of results on June 26, would be protected under the offer.

Last year BCA rejected a takeover offer from Apax Partners which was offering 200p a share. There was speculation at the time that other companies might enter the bidding for BCA.

Now that the bid is public, TDR is required, by no later than 5.00 pm on 18 July 2019, either to announce a firm intention to make an offer for BCA in accordance with Rule 2.7 of the Takeover Code or to announce that they do not intend to pursue the offer.

Tags: Apax Partners, BCA, BCA Marketplace, takeover, TDR Capital