We­buyany­car owner re­jects £1.6bn bid

The Daily Telegraph - Business - - Front Page - By Aye­sha Javed

BCA Mar­ket­place, the owner of we­buyany­car.com, has re­jected a £1.6bn takeover ap­proach from pri­vate eq­uity firm Apax Part­ners.

The FTSE 250 on­line used-car mar­ket­place said that Apax had of­fered 200p per share, valu­ing the com­pany at £1.6bn.

BCA shares yes­ter­day shot up 11.9pc, to 236p, bring­ing its value to £1.9bn.

Apax has un­til July 8 to ei­ther an­nounce an in­ten­tion to make a firm of­fer for BCA or to an­nounce that it does not plan to make an of­fer.

BCA, bet­ter known as Bri­tish Car Auc­tions, is no stranger to pri­vate eq­uity own­er­ship, hav­ing pre­vi­ously been owned by US buy­out firm Clay­ton, Du­bilier & Rice. It listed in 2015 through a re­verse takeover by Haver­sham Hold­ings, a ve­hi­cle set up by auto-vet­eran Avril Palmer-Bau­nack.

In a re­cent trad­ing update, BCA said it had traded ahead of ex­pec­ta­tions.

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