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BREAKING NEWS

TDR Capital makes £1.91 billion pounds offer for car auctioneer BCA Marketplace

TDR Capital makes £1.91 billion pounds offer for car auctioneer BCA Marketplace
FILE PHOTO: Imported cars are parked in a storage area at Sheerness port, Sheerness, Britain, October 24, 2017. REUTERS/Peter Nicholls -
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Peter Nicholls(Reuters)
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LONDON (Reuters) – British private equity firm TDR Capital has offered to buy car auctioneer BCA Marketplace for about 1.91 billion pounds.

The recommended offer of 243 pence per share is a premium of about 25% to BCA’s closing price on June 19.

The two companies announced they were in advanced talks over a potential offer last Thursday.

BCA Marketplace owns online car selling site WeBuyAnyCar, through which it sold 219,000 cars in 2018.

A deal could provide a much-needed boost for under-fire fund manager Neil Woodford, who suspended his flagship fund earlier this month.

The manager owns 7.15% of BCA, according to Refinitiv Eikon data.

The TDR offer comes nearly a year after BCA rejected a takeover proposal from Apax Partners, saying it undervalued the company.

TDR provides services including vehicle collections and deliveries, inspection checks, customs management, storage, refurbishment, vehicle preparation, and financing.

(Reporting by Shariq Khan in Bengaluru and Iain Withers in London; Editing by Sinead Cruise)

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