American private equity firm Hellman & Friedman readying £2bn Auto Trader takeover bid
American private equity firm Hellman & Friedman is poised to make a £2bn bid for used-car marketplace Auto Trader.
The takeover bid throws a spanner in the works for Auto Trader owner Apax's planned stock market floatation later this year.
According to reports Hellman & Friedman is "confident" about the bid hiring advisers to put together a "knockout offer".
The firm, which owns North Sea oil services company Wood Mackenzie and Neilsen, is said to be "very advanced" in its preparations with a business plan already in place.
Apax acquired a 49.9 per cent stake in Auto Trader back in 2007 and bought the rest of the business from Guardian Media Group in a £619m deal in 2014.