6th Jul 2018 07:44
LONDON (Alliance News) - BCA Marketplace PLC noted Friday Apax Partners LLP, or any fund advised by Apax, does not intend to make an offer for BCA following an Apax statement confirming this.
The FTSE 250-listed used car auction company said Apax made two preliminary and conditional indicative proposals for a cash offer for BCA.
The company, after "careful" consideration, rejected the proposals as BCA believed they undervalued the company and its "attractive" prospects.
In its recently announced annual results, the company said pretax profit rose in its year ended April 1 to GBP75.9 million from GBP56.4 million a year earlier, as revenue grew 20% to GBP2.43 billion from GBP2.03 billion.
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