The per-share price of 243 pence is about 3% more than the stock’s close in London recently. The shares have jumped more than 20% since BCA confirmed talks on a recent sale.
Shareholders with about 44% of BCA have agreed to bring their holdings to the offer, according to a statement. The shares rose 2.8% in London, trading at 242 pence.
London-based BCA runs webuyanycar.com and other platforms that allow dealers and consumers to buy and sell automobiles, in addition to services such as polishing and bodywork. The company, which sells more than 1 million vehicles a year, last year rejected a 1.6 billion-pound takeover proposal from Apax Partners LLP.
The deal comes as investors abandon funds run by Neil Woodford, the third-largest investor in BCA as of the beginning of June, with his funds holding about 7.2%, according to data compiled by Bloomberg. Woodford has been seeking to shift positions out of illiquid investments after blocking redemptions from his LF Woodford Equity Income Fund this month.
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