BCA Marketplace awaits Apax bid after rejecting one approach

Private equity group Apax Partners is mulling a potential buyout of BCA Marketplace, the car auction house and owner of WeBuyAnyCar.com, which rejected an earlier approach.

BCA said on Monday that it had received an approach about a possible all-cash offer from Apax in early May but rejected the proposal. "No further proposals have been received," it added.

Apax, which confirmed on Monday that it was pondering whether to make an offer after media reports over the weekend, said it is "in the early stages of considering an offer for BCA" but there was no certainty that an offer will made. It has until 1700 BST on 8 July to 'put up or shut up' according to UK Takeover Panel rules.

Rival private equity house Clayton, Dubilier & Rice, which previously owned BCA until its flotation in April 2015, is also reported to be considering a bid.