Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

British private equity firm signals takeover of Trade Me

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

(Updating to add some of Apax’s other investments in last paragraph; updates share price in 2nd paragraph.)

By Jenny Ruth

Nov. 21 (BusinessDesk) - 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)

ends



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Environment Aotearoa 2019: Report Warns Environment In Serious Trouble

The report says the way New Zealanders live and make a living is having a serious impact on the environment, and the benefits New Zealanders get from being in nature, though not measured or quantified, could be lost. More>>

ALSO:

Provincial Growth Fund: Backing Growth In Gore

“Today’s announcements are a $1.6 million investment towards the Maruawai precinct project, which involves the redevelopment of the Hokonui Moonshine Museum and creation of the Maruawai Heritage Centre...” More>>

ALSO:

Inflation: Cigarette Price Rise Offsets Cheaper Petrol

The consumers price index (CPI) rose 0.1 percent in the March 2019 quarter, due to higher prices for cigarettes, Stats NZ said today... In the year to March 2019, the inflation rate was 1.5 percent, down from 1.9 percent in the December 2018 year. More>>

ALSO:

Government Suppliers: MBIE Reinstates Fuji Xerox As A

The government has reinstated Fuji Xerox as a supplier despite an ongoing Serious Fraud Office investigation into accounting irregularities that led to losses of more than $300 million. More>>

ALSO: