Sena hits 2 Cheap takeover target
2 Cheap Cars is set to be taken over by Sena & Co Limited with the minimum acceptance condition for the latter’s 90c-a-share offer having been met.
Sena & Co, which is owned by 2CC co-founder and chief executive David Sena, pictured, submitted a bid on July 27 to acquire all of the automobile group’s ordinary shares it did not already hold.
Shareholders were told the takeover bid would be satisfied once Sena & Co, which already held 75.924 per cent of shares, received acceptances giving it 90 per cent or more of 2CC’s voting rights.
The level of acceptances had increased to 15.353 per cent as of 5pm on September 27, which would give Sena & Co control of 91.277 per cent of the business when the offer becomes unconditional and shares are transferred.
“Accordingly, the minimum acceptance condition set out [in] the offer document has been satisfied,” the company adds in announcements to the NZX on September 28.
In accordance with the Takeovers Code, the offer’s closing date has been extended from September 30 to October 9, which is 10 working days from the key acceptance condition being met.
