Ann: CAR: Response to media article, page-2

I think this article in The Australian is what the letter refers to. Some highlights provided below:
Carsales revved up for tilt at rival iCar

• DARREN DAVIDSON
• THE AUSTRALIAN
• 12:00AM NOVEMBER 18, 2016

Carsales is mulling plans to launch a takeover bid for ASX-listed online business iCar as Asia emerges as a new front in the battle for vehicle listings.

The Australian understands the interest is at an advanced stage, although no formal approach has been made to iCar, co-founded by entrepreneur Patrick Grove’s Kuala Lumpur-based Catcha Group.

....It is also believed that an overseas-based investor has approached Carsales about acquiring its stake in iCar as part of a strategic investment to fuel expansion into Asia, where it operates the largest network of online automotive sites.

At its full-year results in August, iCar forecast revenue growth of up to 23 per cent, equating to $6.75 million to $7.75m in fiscal 2017.

....Carsales chief executive Greg Roebuck and Mr Grove could not be reached for comment. The iCar business has long been viewed as a logical takeover target for Carsales amid dwindling growth opportunities in its core domestic market. To offset these conditions, Mr Roebuck is aiming to drive higher revenues from the group’s fledgling international businesses...