New Zealand-based internet auction website operator Trade Me Group has received a 2.54 billion New Zealand dollar (about $2 billion) takeover offer from UK venture capital firm Apax Partners.
Under the terms of the transaction, Apax is offering $4.4 for each share of Trade Me, representing a 25.5 percent premium to Trade Me’s last close of $3.5.
With due diligence access on an exclusive basis, the takeover offer bind will take place on December 12.
U.S.-based investment firm Goldman Sachs is advising Trade Me Group on the transaction.