Feeds

QXL sells itself for £12m

Management buyout

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

Online auctioneer QXL looks set to be sold to its managers for £12m.

The offer values the firm at £11.9m, or 700p per share. QXL shares jumped to 670p on the news. Jim Rose and Tom Power - QXL's independent directors - both recomend the offer.

The company was launched by ex-journo Tim Jackson in 1997, before eBay landed in the UK. Unlike eBay, it has remained small, and under-capitalised, and loss-making.

It floated on the London Stock Exchange in 1999 for £220m and at the height of the dotcom bubble was valued by some enthusiasts at £2.5bn. It bought several European rivals including Ricardo.de in May 2000.

Jim Rose, non-executive deputy chairman and former CEO of QXL, said: "As Independent Directors, we believe that the Offer provides certainty and value to QXL’s shareholders, at a price per QXL share that is unlikely to be achieved in the market in the near future."

The auction house shares will be sold to Tiger Acquisition Corporation Ltd which was set up by Great Hill Funds and the existing management to make the offer.

The full RNS statement is here. ®

Related stories

eBay buys Indian auction site
Yahoo! returns! to! the! auction! biz!
Rose steps down from QXL

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.