Sharechat Logo

Bapcor edges closer to Hellaby takeover, lifts interest to 88.6%

Monday 30th January 2017

Text too small?

​ASX-listed auto firm Bapcor edged closer to its takeover of Hellaby Holdings, lifting its holding to just below the 90 percent level that will allow it to compulsorily acquire the remaining shares.

Bapcor's interest in the diversified investor rose to 88.6 percent from 87.2 percent at its last disclosure, according to a substantial security holder notice today.

The Australian company has already installed its own directors to the board, including chief executive Darryl Abotomey, who will assume Hellaby's chair. Last week senior executives of Hellaby disclosed they had sold down their holdings in the company, including chief executive Alan Clarke, who is remaining on board to help manage the change in ownership.

Bapcor has said it plans to sell Hellaby's equipment, resources and footwear businesses, using the remaining automotive division as a foothold in the New Zealand market, where car sales have been hitting record levels over the last three years due to a rapid increase in population and fast growing economy.

Bapcor has already declared its $3.60-per-share offer, which closes on Feb. 7, unconditional. The shares last traded at $3.58.

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares mixed ahead of Anzac Day holiday; A2, Synlait fall further, Fisher & Paykel bounces
USX: Introducing Pharmazen Limited
NZ dollar falls to 3 1/2 month low as rising US interest rates bring trading back to fundamentals
Gold Report 23rd April 2018
Gold Report 16th April 2018
Gold Report 9th April 2018
Gold Report 3rd April 2018
Gold Report 26th March 2018
Gold Report 19th March 2018
Gold Report 12th March 2018

IRG See IRG research reports