- iCar Asia (ICQ) shares enjoy a rise on the news the company has received an acquisition proposal from Carsome Group
- If approved, Carsome would acquire all remaining ordinary iCar Asia shares at 55 cents
- Carsome has also entered into agreements with Catcha Group to acquire 19.9 per cent of iCar Asia shares
- The deals will require joint bid relief from ASIC among other due diligence conditions in order to progress
- iCar Asia shares are up 43.3 per cent and trading at 43 cents at 11:13 am AEST
iCar Asia (ICQ) shares have enjoyed a rise this morning on the news the company had received an acquisition proposal from Carsome Group.
Under the conditional, non-binding indicative proposal, Carsome would acquire all ordinary iCar Asia shares not already owned by Carsome at 55 cents by way of a scheme arrangement.
Carsome is also reported to have entered agreements with Catcha Group, under which, the company would acquire close to 20 per cent from Catcha in exchange for the issue of Carsome shares.
Carsome and Catcha are said to be cooperating on the proposal, including the acquisition of Catcha’s remaining shareholding in iCar Asia.
Carsome is a private company incorporated in Singapore, which operates an integrated automotive eCommerce platform across Malaysia, Indonesia, Thailand and Singapore.
The deals will require joint bid relief from ASIC among other due diligence conditions in order to progress.
iCar has affirmed there is no guarantee a deal will go ahead at this stage.
Goldman Sachs and Herbert Smith Freehills have been appointed to oversee the proposal.
iCar Asia shares were up 43.3 per cent and trading at 43 cents at 11:13 am AEST.