(Alliance News) - Woodford Investment Management Ltd said Thursday it has sold 51.6 million shares in BCA Marketplace PLC for 241.5 pence per share, or GBP124.6 million in total, in a deal on Wednesday.
Following this transaction, Woodford now holds a 0.6% interest in the FTSE 250 car auction operator.
In a separate announcement, TDR Capital LLP, who is looking to acquire BCA Marketplace noted the share disposal by Woodford, meaning that the private equity firm's offer now has the support of 36% of BCA shareholders, down from 43% previously.
On Wednesday, BCA Marketplace agreed to the terms of the GBP1.91 billion takeover by BBD Bidco, which is owned indirectly by funds managed by TDR.
BBD is offering 243p in cash for each BCA Marketplace share held, representing a premium of 25% to the closing price on June 19.
Shares in BCA Marketplace were up 0.3% at 241.60 pence on Thursday afternoon.
Also, Woodford said in another separate announcement it has reduced its stake in Capita PLC to less than 5% from 9.9% in a deal in early June.
At the beginning of June, Woodford took the decision to suspend withdrawals from his equity income fund due to "an increased level of redemptions", with the fund now needing time to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.
Woodford Investment manages three funds: LF Woodford Income Focus Fund, LF Woodford Equity Income Fund and London-listed Woodford Patient Capital Trust PLC.
Shares in the outsourcing and professional services firm were up 3.0% at 103.55p on Thursday.
Capita (CPI)