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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report