Car website owner says no to Apax Partners bid

The business behind motor website Webuyanycar has rejected a takeover bid from Apax Partners.

BCA Marketplace said yesterday that it had received a “preliminary and conditional approach” last month from the private equity giant worth 200p a share.

However, after “careful consideration”, the proposal was rejected and no further offers have been received.

Apax confirmed over the weekend that it was in the early stages of considering a formal offer for BCA.

It has until 8 July to announce a firm intention to make an offer or walk away.

BCA bought Webuyanycar in August 2013 and has expanded rapidly.