CAR has been in a trading halt after its acquisition of a 49% stake in US Trader Interactive for ~$800m as the business eyes attractive international verticals and scale, the company also has a call option to buy the balance of this business. To fund the purchase CAR is looking raise $600m through an entitlement offer at $17. After 4.30pm yesterday evening 2 leading brokers were looking for bids to place the last 5.8m shares from the $17 share price. We like the move into US online caravan, truck, equipment and motorbike space which should provide the opportunity for increased growth moving forward.
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MM likes CAR into reasonable weakness when it recommences trading
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