Fresh deadline for takeover bid

The closing date for a takeover offer for 2 Cheap Cars (2CC) has been pushed back a second time and will now close on September 30.

Sena & Co Limited, which is owned by 2CC co-founder and chief executive David Sena, has offered $0.80 per share for all the company’s ordinary shares it doesn’t already hold.

The latest notice of variation to the offer means the deadline for acceptances is now scheduled for after 2CC’s annual shareholders’ meeting, which is due to be held online on September 25.

Sena, pictured, sent a letter to shareholders on September 9 notifying them of the change and that the extension also means the latest date Sena & Co may declare the offer unconditional moves from October 7 to October 14.

Sena & Co, which holds or controls 75.924 per cent of 2CC’s ordinary shares, made its takeover offer on July 27 with the final date for acceptances at that time set for August 23.

However, shareholders were advised on August 10 that the deadline had been shifted back a month to September 23.

They were also told the minimum acceptance condition for the takeover bid will be satisfied once Sena & Co receives acceptances that result in it holding or controlling 90 per cent or more of the voting rights in 2CC, unless waived in accordance with the terms of the offer. 

“If the 90 per cent threshold is not reached, and the condition is not waived, the offer will lapse, shareholders will not receive their cash consideration of $0.80 per share, and the stock will likely trade down towards or below the pre-announcement trading price of $0.66 per share,” added the August 10 letter.