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Trade Me Group Ltd receives improved takeover offer, shares soar again

Shares in dual-listed Trade Me Group Ltd (ASX: TME) are up 3.1% to NZ$6.24 in morning trade after the New Zealand internet giant received an alternative takeover offer from San Francisco-based private equity group Hellman & Friedman at NZ$6.45 per share.

This is subsequent to a November 21 bid from New York-based private equity group Apax Partners at $6.40 per share as the potential for a takeover battle will please existing Trade Me investors.

On receipt of the Apax offer Trade Me agreed to provide Apax due diligence access to  its books, with a caveat that it could also provide other third parties access if it received any unsolicited proposals. Therefore Trade Me has informed the market that it will also grant Hellman & Friedman access to its books.

Trade Me is a popular asset due to its strong competitive position in New Zealand across the e-commerce space, with the strong US dollar also making overseas assets like Trade Me cheaper on an FX-adjusted basis for US investors.

Motley Fool contributor Yulia Mosaleva has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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