Date set for shareholder vote on takeover of Trade Me

Thursday, 7 March 2019

Vote on sale of Trade Me will take place in four weeks.

The sale of Trade Me to British private equity firm Apax Partners is now in its final stages with the High Court approving a shareholder vote on the proposed takeover on April 3.

Trade Me would delist after the sale, which will also need the approval of the Overseas Investment Office but appears to face no significant obstacles.

Apax has offered $6.45 a share for Trade Me, valuing the company at $2.56 billion.

* Trade Me takeover offer good deal, but not a 'done deal'**

Grant Samuel and Associates, which Trade Me appointed to provide independent advice on the offer, valued Trade Me shares as being worth between $5.93 and $6.39 a share, with that valuation including a premium for the control of the company.

Apax has set up a shell company in New Zealand named 'Titan' as the vehicle for the acquisition.

Trade Me's directors have unanimously recommended that shareholders accept Apax's offer, in the absence of a superior proposal.

Existing shareholders would be paid out early in May.