Bapcor of Australia is closing in on the minimum shares it will accept in its hostile takeover bid for Hellaby Holdings and its network of 120 auto-parts shops around New Zealand.
Bapcor yesterday received approval from the Overseas Investment Office for its proposed up to $322 million offer, at $3.60 per share, while posting on the NZX it had increased acceptances to 46.06%, closing in the minimum 50.1% it will accept.
If Bapcor achieves a more than 50% stake in Hellaby, its board could in early January decide to waive a condition on attaining 90% to complete a 100% takeover, and declare its offer unconditional.
Bapcor said: "Bapcor are now confident of achieving in excess of 50% of the shares of Hellaby given acceptances received to date and other encouraging feedback from shareholders who are yet to accept."
Bapcor had started its tilt at Hellaby with almost 30% of its shares tied up in locked-in agreements with mainly institutional investors.
As part of obtaining OIO approval, Bapcor committed to invest new capital in Hellaby’s automotive business in New Zealand in technologies, improved operational efficiencies and creating new full-time jobs to grow the business during the next three to five years.
