July 6, 2018 / 6:28 AM / 2 years ago

Apax drops interest in car auctioneer BCA

(Reuters) - Apax Partners does not intend to make further offers for UK used car auctioneer BCA Marketplace BCA.L after the WeBuyAnyCar owner rejected two acquisition proposals, the companies said in separate statements on Friday.

“The board of BCA concluded that the proposals undervalued the company and its attractive prospects. Accordingly, the board of BCA unanimously rejected the proposals,” BCA Marketplace said in a statement.

Apax Partners said separately that neither it nor any funds advised by Apax now intended to make an offer for BCA.

BCA Marketplace said in June it had rejected a preliminary 1.6 billion pound cash takeover offer from the London-based private equity firm.

Apax had until July 8 to make an offer or walk away under stock market rules. BCA has a market valuation of around 1.76 billion pounds.

Shares in BCA, which says it operates Europe’s largest used vehicle exchange, jumped more than 10 percent on news of the Apax offer a month ago. They have since handed back just over half of those gains.

Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham

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