Takeover deal on the cusp

Sena & Co Ltd is close to taking full control of 2 Cheap Cars (2CC) after more shareholders of the automotive group have accepted an offer for their shares.

The company, owned by 2CC chief executive David Sena, made a takeover bid on July 27 and the deadline to accept its 90c-a-share proposal closes on September 30.

Sena & Co holds or controls 75.924 per cent of 2CC’s ordinary shares. It needs to receive acceptances that give it 90 per cent or more of 2CC’s voting rights for the takeover to proceed.

In a September 23 notice to the NZX, it says it has received acceptances that, when aggregated with the voting rights already held or controlled by Sena & Co, equals 88.45 per cent.

A further notice says the company understands shareholders representing 0.229 per cent of 2CC have instructed Sharesies Nominee Ltd to accept the offer on their behalf. 

If that happens, Sena & Co will need to secure a further 1.321 per cent of voting rights for the takeover bid to be successful.

The announcements come after the level of acceptances increased from 8.427 per cent of shares on September 16 to 12.525 per cent on September 22.

Among those who have already accepted the proposal are 2CC’s chairman Michael Stiassny, chief financial officer Angus Guerin and independent director Gordon Shaw.