Webuyanycar owner rejects £1.6bn bid
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.