An Australian carparts company is making a $322 million takeover offer for local industrial investment firm Hellaby Holdings.
Victoria-based Bapcor has offered $3.30 for each Hellaby share, a 9 percent premium to its closing price on Monday.
The Australian company said it had already reached a deal with several Hellaby shareholders to buy their stakes, giving it a near 30 percent foothold already.
Hellaby Holdings has reported a sharp fall in its annual profit, hit by weak oil and gas prices.
The company, a diversified industrial investment concern, has interests in vehicle parts, oil and gas industry maintenance, and two local shoe shops.
In August, it reported a sharp fall in its net profit because of the slide in the oil and gas industry, and it has been looking to offload footwear businesses Hannahs and Number One Shoes for some time.
Bapcor, formerly known as the Burson Group, is listed on the Australian stock exchange and specialises in selling vehicle parts, with a chain of more than 130 shops through Australia. It has a market capitalisation of about A$1.5 billion.
Hellaby shares gained nearly 8 percent in early trading to $3.27 this morning.