In the carsales 2019 full year results presentation page 5 on...

In the carsales 2019 full year results presentation page 5 on 21/08/2019 they refer to their growing position in Asia and specifically mention their investment in iCar Asia. At present they hold an 11.8% stake, down from 13.1% in 2018. As someone else mentioned they initially paid $0.80 for their holdings so I'm of the view that they are holding at the moment until the iCar Asia business matures further before deciding whether to make an aquisition bid or increase their stake.

In 2017 carsales acquired the remaining 50.1% of a South Korean online classifieds business for $240m (giving that business a market cap at the time of $480m (4x that of iCar Asia currently). I haven't looked into the revenue or profits of the SK business.

Time will see how it plays out but if it's not Carsales I'm sure it will be another major that makes a play. As Doz mentioned the captcha group and many of the directors were previously involved in iProperty Group and the sale to REA.

Even if there is no takeover I believe this will still be a good stock with continued revenue growth and potential expansion into other Asian markets!

DYOR