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.
No comments yet
NZ dollar falls on news RBNZ is looking at "unconventional" policy
Wrightson capital return gets shareholder approval
Morrison & Co eyes asset sales from first PIP Fund
Improved transmission pricing may save $2.7 bln - Electricity Authority
Precision Foundry receivers say no money for unsecured creditors
23rd July 2019 Morning Report
NZ dollar tad weaker, ECB, Federal Reserve in focus
MARKET CLOSE: NZ shares outperform Asia as exporters gain; Sky leads market higher
Significant shortfall for subbies in Ebert receivership
Transpower sees no risk to credit metrics from incentive change