| | | | | | | | | QXL - SA group bids £950m for auction site | | | | | |
Post: #1 Posted: Wed Dec 19, 2007 4:09 am |
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Steve - Admin |
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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 Posted: Wed Dec 19, 2007 2:03 pm |
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Enthusiast |
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Joined: 13 Sep 2007 |
Posts: 121 |
Location: UK |
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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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