Tuesday 10th January 2017 |
Text too small? |
ASX-listed auto-parts company Bapcor now owns more than half of Hellaby Holdings, giving it the ability to make its takeover offer unconditional.
According to its latest disclosure today, Bapcor now holds 50.1 percent of the shares in Hellaby, an increase from the 48.7 percent it held as of last Wednesday. Under its takeover offer made in October, it wants to buy up to 90 percent of Hellaby at $3.60 per share, a threshold which would let it enforce mop-up provisions to take the company private.
In December, Bapcor said it may waive the 90 percent condition, making its offer conditional on it getting acceptances for 50 percent of the voting rights, with its board set to consider that option in early January. Bapcor was not immediately available for comment.
As of the latest disclosure, it has conditional acceptances for a further 1.37 million shares, or about 1.4 percent, based on the offer becoming unconditional.
Hellaby's board advised shareholders not to accept the offer, which it said undervalues the company. In December, Bapcor lifted its offer to $3.60 from the initial $3.30 bid, but said it would not increase the price further despite Hellaby's directors seeking an additional 18 cents per share dividend.
Hellaby shares last traded at $3.52, up 23.5 percent in the last year, while Bapcor last traded at A$6.03, up 51.5 percent in the year.
BusinessDesk.co.nz
No comments yet
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