(Reuters) - WeBuyAnyCar owner BCA Marketplace (BCA.L) said on Monday it had rejected a preliminary 1.6 billion pound cash takeover offer from London-based private equity firm Apax Partners.
The 200 pence per share offer represents a 5.2 discount to Friday’s closing price for the car auctioneer of 211 pence per share.
No further proposals have been received since it rejected the offer, BCA said. Apax has until July 8 to make an offer or walk away under stock market rules.
Apax said on Sunday it was in early stages of considering an offer for BCA to be made by a new entity controlled by funds advised by Apax.
BCA said in April it was trading ahead of market expectation with strong profit growth as the remarketing businesses was successful in winning new contracts and continuing contract renewals.
Shares of the company, which says it operates Europe’s largest used vehicle exchange, are expected to open up as much as 5 percent according to premarket indicators.
Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham