Apax bid for BCA rebuffed by WeBuyAnyCar owner
The proposal was rejected and no further offers have been received.
The company behind auto website WeBuyAnyCar has rejected a takeover bid from private equity giant Apax Partners.
BCA Marketplace said that, in May, it received a “preliminary and conditional approach” from Apax worth 200p per share.
However, after “careful consideration”, the proposal was rejected and no further offers have been received.
Apax confirmed over the weekend that it is in the early stages of considering a formal offer for BCA.
In accordance with stock market takeover rules, Apax has until July 8 to either announce a firm intention to make an offer for BCA or walk away.
BCA has a market value of around £1.7 billion and its shares are trading at around 211p.
“There can be no certainty that any offer will be made, nor as to the terms of any offer,” BCA said.
Surrey-based BCA Marketplace used to be known as British Car Auctions (BCA) and floated in 2015.
BCA bought WeBuyAnyCar in August 2013, and said the brand has since continued to expand rapidly in the UK, before starting its expansion in Europe – entering the Netherlands market.