In the UK, BCA Marketplace owns and operates the largest used vehicle exchange and is the leading provider of vehicle buying services through We Buy Any Car. BCA also provides exchange and buying services across Europe and its Automotive Services division provides transport, storage and technical expertise.
On 26 June 2019 the board of BCA Marketplace announced it had agreed an offer of 243p per share for the entire issued and to be issued share capital of BCA from BBD Bidco, a special purpose vehicle formed by investment funds managed by TDR Capital for the specific purpose of making the offer. All required regulatory approvals have now been received, completion of the acquisition remains subject to the waiver or satisfaction of the remaining conditions set out in the scheme document including the sanction of the court at the court hearing expected on 5 November 2019.
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with BCA Marketplace. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently, we have removed our estimates until the offer period ends.