Apax Partners has withdrawn its takeover bid to acquire BCA Marketplace.
Apax had originally offered £1.61 billion for the business back in June, which was rejected by the BCA Marketplace board unanimously after it said it “undervalued the company”.
At the time, Apax then said it intended to make another offer made by a new entity – referred to as Apex Funds – which is “controlled by funds advised by Apax”.
Apax was required, under Stock Market Rules, to either announce a firm intention that Apax Funds would make an offer for BCA (in accordance with Rule 2.7 of the Code) or announce that it does not, and that the Apax Funds do not, intend to make an offer, by 5pm on July 8.
Avril Palmer-Baunack, executive chairman, said: "The new financial year has started well, with performance since the year end in line with our expectations.
“Across all of our markets there remains significant addressable volume to capture, where our business and consumer solutions can bring efficiency and value to new customers during the time a vehicle changes ownership. We are excited by and committed to the opportunities ahead for BCA."
BCA recently revealed in its annual results that it boosted operating profits by 17.9% from £74.3 million to £87.6m.
Group revenue was £2,431.5m (2017: £2,029.7m) and the business saw increased volumes across all divisions, with its UK Vehicle Remarketing division achieving over one million vehicles sold in the year.