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Private equity firm TDR Capital LLP agreed to make a cash takeover offer for BCA Marketplace PLC in a deal valuing the European used vehicle exchange owner and operator at approximately £1.91 billion.
Under the terms of the offer, TDR's BBD Bidco Ltd. will pay 243 pence per BCA share, reflecting a premium of approximately 24.9% to the company's closing price on June 19.
BCA directors plan to recommend unanimously that the company's shareholders vote for the proposed deal. The company has also received support for the offer from shareholders holding 345,237,671 shares, or about 44.02% of its ordinary share capital.
The offer is contingent on the approval of BCA shareholders, as well as antitrust and regulatory clearances, among other conditions.
BCA also declared a final dividend of 6.65 pence per share, expected to be paid on or about Sept. 20.
BofA Merrill Lynch is the lead financial adviser to BBD, while HSBC is its financial adviser. Jefferies is the lead financial adviser to BCA, while Goldman Sachs is its financial adviser and corporate broker. Kinmont is the financial adviser to BCA, while Media/Investor Enquiries is its communications adviser. Linklaters LLP was retained as legal adviser to TDR and BBD. Bryan Cave Leighton Paisner LLP is the legal adviser to BCA.