Woodford-Backed Used-Car Seller BCA Accepts $2.4 Billion Bid

(Bloomberg) -- TDR Capital LLP agreed to buy BCA Marketplace Plc, a U.K. online used-car seller backed by troubled Woodford Investment Management Ltd., for 1.9 billion pounds ($2.4 billion).

The per-share price of 243 pence is about 3% more than the stock’s close in London on Tuesday. The shares have jumped more than 20% since BCA confirmed talks on a sale last week.

Shareholders with about 44% of BCA have agreed to bring their holdings to the offer, according to a statement Wednesday. 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 June 1, 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.

TDR was advised by Bank of America Corp. and HSBC Holdings Plc, while Jefferies Financial Group Inc., Goldman Sachs Group Inc. and Kinmont Ltd. advised BCA.

London-based TDR has investments in French casual dining chain Buffalo Grill, International Car Wash Group and the U.K.’s Pizza Express. BCA sells to buyers in 55 countries.

--With assistance from Myriam Balezou.

To contact the reporter on this story: Eric Pfanner in London at epfanner1@bloomberg.net

To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Marthe Fourcade, Amy Thomson

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