Carsales (ASX:CAR) - Managing Director and CEO, Cameron McIntyre
Managing Director and CEO, Cameron McIntyre
Source: Cameron McIntyre/LinkedIn
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Carsales.com (CAR) raises $842 million from its institutional entitlement offer to help fund its acquisition of Trader Interactive
  • The offer saw a take-up of 90 per cent, with eligible institutional shareholders able to subscribe for new shares at an issue price of $17.75
  • The company is also expecting to raise a further $365 million from the retail component of the entitlement offer, which will be offered on the same terms
  • Shares are trading 9.55 per cent lower at $18.25 each at market close

Carsales.com (CAR) has raised $842 million from its institutional entitlement offer to help fund its acquisition of Trader Interactive.

The offer saw a take-up of 90 per cent, with eligible institutional shareholders able to subscribe for new shares at an issue price of $17.75.

The company is also expecting to raise a further $365 million from the retail component of the entitlement offer, which will be offered on the same terms.

This offer will open on Friday, July 1, and closes on Wednesday, July 13.

The funds raised will be directed towards acquiring the remaining 51 per cent of Trader Interactive for $1.17 billion.

CEO Cameron McIntyre said the support seen in the entitlement offer is a strong endorsement of the acquisition.

“We look forward to working with the Trader Interactive team to capture growth potential and realise value for our shareholders,” he said.

Shares were trading 9.55 per cent lower at $18.25 each at market close.

CAR by the numbers
More From The Market Online
The Webjet website home page on a laptop.

Watchdog takes Webjet to court over alleged ‘false’ flight prices with hidden fees

The Australian Competition and Consumer Commission has alleged Webjet (ASX:WJL) misled its customers –
Image representing insurance

IAG snaps up RACQ’s insurance business for $855M

Insurance Australia Group Ltd has entered into an alliance with RACQ through which it will take…
Chris Ellison speaks at the Mineral Resources AGM.

MinRes’s Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Who the MinRes Board has decided to move on faster may or may not be amusing,…
An Amcor worker looks at rows of packaging materials.

‘Better together’: Amcor’s $13B Berry buy makes it true packaging powerhouse

If Amcor wasn't already the world's biggest packaging powerhouse, it's easy to argue it is now…