Online marketplace Trade Me has confirmed it will be de-listed from the New Zealand stock exchange as of May 2, 2019, after the High Court approved its $2.56 billion acquisition by Apax Partners.
The Court decision was the final step in the implementation of the scheme, which was overwhelmingly approved by shareholders earlier this month, with 99.29 per cent of shareholders voting in favour of the takeover.
“We’re pleased the final Court orders have been made, after shareholders voted so strongly in favour of the Titan offer earlier this month,” Trade Me chairman David Kirk said.
“The orders give certainty to the deal and unless there’s something unexpected that happens… the change of ownership of Trade Me will go ahead in early May.”
Kirk said Trade Me would continue to have a “key part of Kiwi lives”, regardless of its owner
The online retailer announced it had entered a Scheme of Arrangement with Apax Partners in December 2018, which was subject to a number of conditions which are now all met.
Under the Scheme, Trade Me shareholders will be paid $6.45 per share, above a recent independent valuation of the business which saw the retailer’s shares worth $5.93 and $6.39, and above the group’s current share price of $6.43 per share.