Court backs Trade Me takeover

The court orders are the final formal step in approving the scheme after Trade Me’s shareholders voted strongly in favour of the takeover at the special meeting on April 3.

Titan will acquire 100 per cent of Trade Me shares for $6.45 per share with investors to be paid on the implementation date – that’s expected to occur on May 8. 
Trade Me’s chairman, David Kirk, pictured, says: “We’re pleased the final court orders have been made after shareholders voted so strongly in favour of the Titan offer earlier this month.

“The orders give certainty to the deal. Unless there’s something unexpected that happens under the protective provisions of the scheme implementation agreement, the change of ownership of Trade Me will go ahead in early May. 

“All of the directors have loved being part of Trade Me’s story and are proud of what’s been achieved in the time it has been a listed company. We’ll all watch Trade Me’s progress with great interest. We know it will stay a key part of Kiwi lives no matter what the ownership.” 

Trading in Trade Me shares will be suspended at the close of trading on NZX and ASX on May 2. The record date when shareholdings are determined for payment purposes is 7pm on May 6. 

Titan is a New Zealand company owned by Apax IX Fund, a fund advised by UK-based private-equity firm Apax Partners.