2 Cheap Cars majority shareholder mounts takeover bid
Monday, 13 July 2026
Listed used car dealership 2 Cheap Cars’ majority shareholder and chief executive David Sena has launched a takeover bid for the company with an offer to buy all the ordinary shares he does not already own for 80 cents each.
Sena’s company, Sena & Co, already holds 75.9% of the shares. 2 Cheap Cars shares were trading at 66c last week.
Senna & Co and 2 Cheap Cars entered into a confidentiality agreement in late February for a proposed full takeover offer of the company, and directors formed a takeover committee including independent directors Michael Stiassny and Gordon Shaw.
On April 10, Sena & Co provided 2 Cheap Cars with a non-binding indicative offer to acquire all shares in the company.
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Sena & Co has also entered into loan agreements with Humi Sena, Sena’s mother, and Soon Ki Kwon, Sena’s sister, for up to $500,000 to be used by Sena & Co if the company had not received at least 90% of the voting rights in 2 Cheap Cars.
The company reported a profit after tax of about $600,000 in March on the back of improved trading, driven by stronger vehicle margins, better buying conditions and selling more finance and insurance deals.
Stiassny advised shareholders to do nothing. “It is not a formal offer yet, so just wait, and we'll come back to you.”
Shareholders Association chief executive Oliver Mander said shareholders should wait for the independent report and the board recommendation around the company’s value.
2 Cheap Cars’ 2026 financial report issued last month highlighted a stable performance compared with 2025.
“Shareholders should expect some idea of guidance from the company for the current financial year as part of any decision.” That might be included as part of the independent report process, he said.
The company had just 230 registered shareholders, and 19 of them owned 92% of the shares, including Sena's and his interests.
That lack of liquidity could arguably affect the market’s ability to value the share price, Mander said.
However, 2 Cheap Cars paid a “relatively good dividend yield”. The company had put the days of 2022 and 2023 behind it in terms of the disagreements between the major shareholders at the time, and had performed relatively strongly.
They had had some capital growth in recent years and a relatively high dividend yield, he said. But different shareholders would have different motivations whether to support the bid.
2 Cheap Cars has appointed MinterEllisonRuddWatts as legal adviser and Craigs Investment Partners as financial adviser.