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Auction Forum Index » Auction News » QXL - SA group bids £950m for auction site
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QXL - SA group bids £950m for auction site 
Post: #1   PostPosted: Wed Dec 19, 2007 4:09 am Reply with quote
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SA group bids £950m for auction site
By Maggie Urryand Philip Stafford

Published: December 18 2007 08:25 | Last updated: December 18 2007 08:36

The colourful life of Tradus , the internet auction site known formerly as QXL Ricardo, may be at an end after it recommended a £946m offer from Naspers, a South African media group.

The bid will let Naspers expand into eastern Europe, where Tradus has built a strong presence.

The deal is worth £18 per share in cash and represents a 19.2 per cent premium to the share price the day before Tradus confirmed it had received a bid approach, in early November.

Tradus shares closed 195p higher at £18.15 on hopes that other contenders could be drawn into a bidding war. Market speculation had suggested a bid from eBay or Alibaba.com, the Chinese internet company, when Tradus first said it had received a preliminary approach.

However, two leading shareholders, whose combined holding is 17.9 per cent, have backed the deal. [ Read Full Article ]

© Copyright The Financial Times Ltd 2007
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Post: #2   PostPosted: Wed Dec 19, 2007 2:03 pm Reply with quote
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I think that's good news in that QXL will remain to give eBay some competition. Even the QXL UK site might be given a much needed kick in the pants, whereas if eBay took over, it would surely close. So I'll keep my fingers crossed that the deal goes through.
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QXL - SA group bids £950m for auction site 
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