Shares in BCA Marketplace (BCA) were on the rise following news that it had rejected a preliminary takeover proposal from private equity firm Apax Partners LLP, entailing a conditional all-cash offer of 200p a share, which values the owner of webuyanycar.com at around £1.6bn. The hope is, of course, that an increased offer could be forthcoming, as it was pitched at a miserly 5.2 per cent discount to the previous day’s closing price. Negative sentiment towards the auto sales sector could lead to opportunistic approaches, although it’s thought the UK market may already have ‘bottomed out’. BCA notes that Apax has until 5pm on 8 July to announce a firm intention to make an offer, but added that there is no certainty that any offer would be made.
The hope is, of course, that an increased offer could be forthcoming, as it was pitched at a miserly 5.2 per cent discount to the previous day’s closing price. Negative sentiment towards the auto sales sector could lead to opportunistic approaches, although it’s thought the UK market may already have ‘bottomed out’. BCA notes that Apax has until 5pm on 8 July to announce a firm intention to make an offer, but added that there is no certainty that any offer would be made.
