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Apax interest in BCA boon for Marwyn

11
2018
June

Apax interest in BCA boon for Marwyn

Statement re possible offer

Apax Partners LLP (“Apax”) notes the recent media speculation in relation to BCA Marketplace plc (“BCA”). Apax confirms that it is in the early stages of considering an offer for BCA to be made by a new entity controlled by funds advised by Apax (“Apax Funds”). This announcement does not amount to a firm intention to make an offer and accordingly there can be no certainty that an offer will made. 

In accordance with Rule 2.6(a) of the Code, Apax is required, by not later than 5.00 p.m. on 8 July 2018, to either announce a firm intention that the Apax Funds will make an offer for BCA in accordance with Rule 2.7 of the Code or announce that it does not, and that the Apax Funds do not, intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.”

The Board of BCA notes the announcement by Apax Partners LLP (“Apax”) that it is considering a possible offer for the Company. On 9 May 2018, the Board of BCA received a preliminary and conditional approach from Apax regarding an all cash offer for the Company of 200 pence per BCA share (the “Proposal”). After careful consideration the Board of BCA rejected the Proposal. No further proposals have been received.”

BCA Marketplace’s shares are up 13% to 238p at the time of writing.

[QD comment: BCA Marketplace accounted for 34.3% of Marwyn Value Investors’ NAV at 31 December 2017. Marwyn Value Investors’ NAV was 195.1p at 30 April when BCA’s shares were 190.6p. Very roughly, MVI’s NAV could now be c213p. MVI’s shares are up to 147.5p at the time of writing, putting MVI on a 30.8% discount.]

APAX / MVI : Apax interest in BCA boon for Marwyn

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