New Zealand – Trade Me CEO holds off leaving company as private equity bids for firm

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Trade Me Group Limited CEO Jon MacDonald will remain with the company beyond the end of the year, according to an announcement on Monday. Trade Me operates online commerce sites including job board Trade Me jobs.

MacDonald announced his plans to step down last June but decided to lead the company on an interim basis after two private equity firms entered bids to acquire the firm.

Apax Partners in November offered NZD 6.40 per share for 100% of the company’s shares. The deal was subject to several conditions, including the completion of due diligence. However, Hellman & Friedman last week offered to pay NZD 6.45 per share for 100% of the company.

“The board has decided that it is in the interest of Trade Me and consistent with its fiduciary obligations to also engage with Hellman & Friedman on the new proposal,” according to the company. “The board notes that there is no certainty either proposal will result in an offer, or any other transaction, for Trade Me.”

Source:: http://www2.staffingindustry.com/row/Editorial/Daily-News/New-Zealand-Trade-Me-CEO-holds-off-leaving-company-as-private-equity-bids-for-firm-48357

      

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