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.
NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.
No comments yet
NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters