StockMarketWire.com - Private equity group TDR Capital agreed to buy BCA Marketplace in a deal that valued the car auctioneer at £1.9bn.

'In recommending this Offer to shareholders, the board of BCA believes it is in the best interests of all stakeholders in the Company, BCA said.

'The Offer from TDR gives shareholders the opportunity to receive cash at a significant premium to the prevailing share price and will allow BCA to develop its business as a private, unlisted company,' BCA added.

The offer valued BCA at approximately £1,906m, or 243p a share, representing a premium of approximately 29.5% to the volume-weighted average price of 187.7p per share for the one month ended 19 June 2019 - the last day prior to the commencement of the offer period.

Following the completion of the offer, TDR said it intended to work with the existing management and employees of BCA to grow the business, utilising the existing strong brands of BCA and We Buy Any Car Limited.

The first step to achieving this goal would be to work with BCA's management team to carry out an evaluation of the BCA Group and its business and operations. The review was expected to be completed within approximately 6 months from the closing of the deal.






At 9:55am: [LON:BCA] BCA Marketplace Plc share price was +6.1p at 241.5p



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