Trade Me Gets $1.73 Billion Private-Equity Takeover Bid
20 November 2018 - 9:31PM
Dow Jones News
By David Winning
SYDNEY--New Zealand-based online marketplace Trade Me Group Ltd.
(TME.NZ) said it has opened its books to private-equity firm Apax
Partners after receiving an indicative takeover bid worth 2.54
billion New Zealand dollars (US$1.73 billion).
Trade Me said Apax is offering NZ$6.40 a share in cash,
representing a premium of 25% to its closing stock price on
Tuesday.
"Trade Me has provided Apax with due-diligence access on an
exclusive basis until 12 December to facilitate a binding offer,"
directors said in a regulatory filing. "This exclusive access is
subject to a 'fiduciary carve out' that permits Trade Me to engage
with third parties should it receive any unsolicited
proposals."
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
November 20, 2018 16:16 ET (21:16 GMT)
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