Sharechat Logo

UDPDATE: British private equity firm signals $2.54b takeover of Trade Me

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.

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar largely steady; focus on FOMC
18th June 2019 Morning Report
Farm debt mediation will ensure fair process - O'Connor
MARKET CLOSE: NZ shares fall as heavyweights Auckland Airport, Meridian lose steam
NZ dollar edges higher, awaiting further impetus
Productivity Commission appointments bolster labour, health, environment credentials
Keytone Dairy to buy Australian Omniblend processor for A$22.4M
"Very real" chance monetary policy will run out of ammo - ANZ
NZ economy probably grew 0.6% in 1Q but more rate cuts still expected
Local travellers boost guest nights in April on Easter, Anzac holidays

IRG See IRG research reports