BCA Marketplace – or British Car Auctions – has this morning issued a statement to say that bids from Apax Capital Partners for the entire business have been rejected. BCA Marketplace claims that the bids undervalue the business – this is an interesting gambit which has been seen before, as it now heaps pressure on directors to improve performance in the future to avoid the wrath of activist shareholders.
Rolls Royce published a statement confirming the disposal of its Commercial Marine business to Norway’s KOGNSBERG. This is part of the rationalisation Rolls Royce had promised after a series of profit warnings, although the company will retain some exposure to the shipping industry. Net proceeds of £350m to £400m will be realised off the back of the transaction – it’s something, but with the rough ride the company has been on, it’s probably the fact there will be fewer distractions which will provide the longer term upside.
Not part of an RNS this morning but potentially big corporate news in that Ryanair cabin crew and ground staff are planning a slew of strikes starting later this month. Admittedly the airline rebounded very well from the debacle last year where rostering issues saw too few pilots available to work, so perhaps shareholders have little to worry about here in the long term, although presumably each consumer has their own limit as to just how much disruption they will suffer from a single provider.