13 Jan 2017

Australia's Bapcor takes majority of Hellaby Holdings

4:00 pm on 13 January 2017

Australian autoparts company Bapcor is taking a majority stake in investment firm Hellaby Holdings.

ASX

Photo: 123RF

Hellaby is a long-standing New Zealand company with interests in the automotive, resources and footwear sectors.

Bapcor has acceptances for 52.5 percent of Hellaby shares and its takeover offer is now unconditional.

Shareholders who had accepted Bapcor's $3.60 per share offer would be paid within seven days.

Throughout the takeover process, Hellaby has said "don't sell" because the price was deemed too low.

Hellaby's managing director, Alan Clarke, said it would advise remaining shareholders what to do by next week.

"Hellaby Holdings... is now effectively a subsidiary of an Australian publicly listed company or will be when the unconditional shares are acquired, so it does mark a significant change," he said.

The Australian company said remaining shareholders should accept its offer, which was now extended to 7 February.

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