The hostile partial takeover of diversified investment company Hellaby Holdings by an Australian auto-parts distributor is complete, after ASX-listed Bapcor attained a 50.1% stake.
Hours after attaining the controling 50.1% stake yesterday, its minimum requirement, Bapcor issued a second statement it was exercising its option that acceptances need not reach 90%, which would have clinched a 100% takeover.
Bapcor wants access to Hellaby's 120 auto-parts distribution network in New Zealand and it is likely Hellaby's two separate shoe chains will be sold off.
Following its $A275million ($NZ289.6million) acquisition of Metcash Automotive in July last year, Bapcor became Australia's largest automotive aftermarket parts, accessories and services supplier with a network of 750 sites.
There was intense wrangling in recent weeks between Hellaby's board and Bapcor over the company's valuation.
Bapcor upped its original $3.30 offer to $3.60, but would not increase the offer again, despite Hellaby's board wanting an additional 18c dividend.
Victoria-based Bapcor launched its hostile $3.60 per share, $351.8million takeover offer for Hellaby in October.
It started its takeover play with ''locked in'' agreements with three long-term Hellaby shareholders to sell their total 29.84% stake. More than 27% of those shares were with one shareholder, Castle Investments.
Bapcor obtained approval from the Overseas Investment Office in late December on the deal.
