- 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.