Indicative Offer for Trade Me Looks Attractive but It’s Still Early Days. FVE Increased to NZD 5.70.
Apax Partners' nonbinding and indicative NZD 6.40 per share cash offer to acquire 100% of narrow-moat-rated Trade Me looks attractive on the surface. It represents a 28% premium to our NZD 5.00 fair value and is 25% above the prior close. It’s also 14% above Trade Me’s highest ever share price of AUD 5.61 achieved in 2016. We’re not entirely surprised by the offer considering similar recent private equity offers for Navitas, MYOB, Healthscope, and Greencross. Like the other targets, Trade Me is ...Trade Me Group is a online marketplace and classified advertising platform that is engaged in the auctions and fixed price sales for new and used goods, as well as automotive, real estate and employment businesses. Co. is also engaged in the web businesses for accommodation, dating and group buying.
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