2 Cheap offer goes unconditional

Sena & Co Limited’s takeover offer for 2 Cheap Cars (2CC) has gone unconditional and the automotive group is now poised to delist from the NZX.

The company, owned by 2CC co-founder David Sena, announced its bid to acquire all shares in the group it didn’t hold on July 27. An initial offer of 80c-per share was increased to 90c on September 16.

In a notice to the NZX on September 30, Sena says the 90 per cent minimum acceptance condition has been achieved, Sena & Co’s ANZ acquisition facility remains available and the material adverse event condition has been waived and satisfied. 

“Accordingly, Sena & Co gives notice for the purposes of Rule 49C (3) of the Takeovers Code that all of the conditions of the offer have either been satisfied or waived, and the offer is unconditional,” adds Sena.

Further notices issued the same day state acceptances representing 17.568 per cent of shares had been reached as at 5pm on September 29.

Sena & Co has a 75.924 per cent shareholding and this, combined with the acceptances, will give it 93.492 per cent of voting rights in 2CC.

After meeting the offer’s 90 per cent condition, Sena & Co can compulsorily acquire any remaining shares.

In the offer document, it says: “Having steered 2CC through its years as a listed company, David [Sena] is now of the view the business is best positioned to realise its full potential as a private entity.”