By David Winning 
 

SYDNEY--New Zealand-based online marketplace Trade Me Group Ltd. (TME.NZ) said it has opened its books to private-equity firm Apax Partners after receiving an indicative takeover bid worth 2.54 billion New Zealand dollars (US$1.73 billion).

Trade Me said Apax is offering NZ$6.40 a share in cash, representing a premium of 25% to its closing stock price on Tuesday.

"Trade Me has provided Apax with due-diligence access on an exclusive basis until 12 December to facilitate a binding offer," directors said in a regulatory filing. "This exclusive access is subject to a 'fiduciary carve out' that permits Trade Me to engage with third parties should it receive any unsolicited proposals."

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

November 20, 2018 16:16 ET (21:16 GMT)