Fleet News

ADT buys more shares in CMA

ADT Auctions has continued to increase its shareholding in CMA Auctions in the run up to CMA's acquisition by Independent Car Auctions. It is understood that ADT has increased its stake to 28.2% of CMA, enough to block ICA's plan to gain 100% control.

ICA needs to secure backing from 75% of the shareholders to oblige the remaining 25% to sell their shares. But as long as it has control of 50% of the shares, it says it will definitely take control of the enlarged auction group, and it now owns or has irrevocable commitments to back its scheme, from 58% of the shareholding.

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