New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Event-Driven

<ul>
<li>2 Cheap Cars (2CC) has this morning received a takeover notice from Sena &amp; Co, its ~76% majority shareholder.</li>
<li>This does not constitute a formal takeover offer (yet), but is priced at NZ$0.80 per share, and represents a +21% premium to the 9 July closing price.</li>
<li>The offer values 2CC at ~11.4x FY26 group earnings, a material discount to Turners Automotive Group (TRA), which currently trades at 20.9x trailing earnings.</li>
</ul>


2 Cheap Cars (2CC) has this morning received a takeover notice from Sena &amp; Co, its ~76% majority shareholder.
This does not constitute a formal takeover offer (yet), but is priced at NZ$0.80 per share, and represents a +21% premium to the 9 July closing price.
The offer values 2CC at ~11.4x FY26 group earnings, a material discount to Turners Automotive Group (TRA), which currently trades at 20.9x trailing earnings.


Turners (TRA)—2 Cheap Cars (2CC) Takeover Notice