Wednesday 21st November 2018
|Text too small?|
Trade Me Group says British private equity firm Apax Partners has approached it with a non-binding indicative offer to take it over for $6.40 per share.
That’s a 25.5 percent premium to Tuesday’s close at $5.10 and values Trade Me at $2.54 billion. The shares are now trading at $6.09, up 99 cents, or 19.4 percent.
“This indicative proposal is subject to a number of conditions, including the completion of due diligence,” the online market place says in a statement.
“The board of Trade Me, together with its advisers, has reviewed the indicative proposal and has decided to engage with Apax,” it says.
Goldman Sachs is advising the company.
“Trade Me has provided Apax with due diligence access on an exclusive basis until Dec. 12 to facilitate a binding offer. This exclusive access is subject to a ‘fiduciary carve-out’ that permits Trade Me to engage with third parties, should it receive any unsolicited proposals.”
The directors say there is no certainty the indicative proposal will result in an offer or any other transaction for Trade Me. Shareholders need take no action in the meantime “and they should not do so without assessing all available information and seeking their own professional advice.”
Other Apax investments include Israel-based Global-e Online, which provides cross-border e-commerce solutions, Genius Sports, a British-based sports data company, SoYoung, the largest online marketplace for aesthetic medical treatments in China, MatchesFashion.com, a British-based predominantly online global luxury goods retailer, and Moda Operandi, a British-based online luxury fashion retailer.
No comments yet
Deposit protection reduces case for RBNZ's bank capital increases, Robertson hints
NZ dollar higher after Lowe comments viewed as less dovish
Govt to introduce deposit insurance; RBNZ keeps prudential supervision
Granular approach needed for cost-effective emissions reduction
Bank executive incentives a key focus for regulators
Appeal Court puts ANZ back in the gun over interest rate swaps
Meridian to supply Australian online retailer Kogan.com
RBNZ seen keeping rates on hold but signalling more cuts to come
RBNZ demands assurance ANZ New Zealand is operating prudently
Citic gets seat at Tourism Holdings in $80 mln capital raising