Sena & Co has secured 98.796% of 2 Cheap Cars after its $0.90-per-share takeover offer closed, triggering compulsory acquisition of the remaining shares. Trading is due to end on NZX next week, with delisting expected on 21 October.
- 98.796% ownership achieved after takeover offer closed
- Remaining shares to be compulsorily acquired at $0.90 each
- Trading suspension scheduled for 19 October
- NZX delisting expected from 21 October
- Final compulsory acquisition deadline set for 10 November
Sena & Co crosses the compulsory acquisition threshold
2 Cheap Cars Group Limited (NZX:2CC) is approaching the end of its life as a listed company after Sena & Co secured acceptances taking its ownership to 98.796%. The takeover offer closed at 11:59pm on 9 October, and Sena & Co has now issued a compulsory acquisition notice for the shares that remain outside its control.
The remaining holders are being offered the same $0.90 per share paid under the takeover. Because Sena & Co has reached the relevant ownership level, shareholders who did not accept the offer cannot object to that price or require an independent expert valuation under the Takeovers Code. The result completes the path first set out in the increased $0.90 offer, which followed Sena & Co’s earlier $0.80 proposal.
NZX trading ends before the compulsory acquisition deadline
2CC shares are scheduled to trade for the last time on Monday 19 October, before being suspended at the close of trading. NZ RegCo has advised that quotation is expected to cease and the company is expected to be delisted from the close of trading on Wednesday 21 October, subject to payment of all NZX and NZ RegCo fees.
That timetable leaves a narrow window for investors who still hold shares but want to transfer them voluntarily. They can sign and return the transfer form by 3 November. If they do not, Sena & Co must complete compulsory acquisition by 10 November, with the $0.90 consideration paid to 2CC to hold in trust until claimed.
Chair calls $0.90 outcome a recovery dividend
Chair Michael Stiassny described the final offer price as a good outcome after what he called considerable turbulence, including a period of board instability that damaged shareholder value and confidence. He said the reconstituted board, appointed in 2023, had restored stability, returned the company to profitability and resumed dividends.
For shareholders, the immediate question is no longer whether the takeover will proceed, but how quickly the remaining cash claims are processed and when the public-market exit is formally completed. After 19 October, there will be no further NZX trading in 2CC shares, leaving the compulsory acquisition process as the final route to payment for holders who remain on the register.
Bottom Line?
The takeover has effectively become a cash-out process, with 19 October marking the last practical day for NZX liquidity and 10 November the deadline for full compulsory acquisition.
Questions in the middle?
- Will the final delisting conditions be satisfied on schedule after trading ends?
- How many shareholders will still need to claim their consideration through the trust arrangement?
- Will the $0.90 final price prove sufficient to capture the operational recovery described by the board?