Australian automotive firm Bapcor is firmly on route to a complete takeover of Hellaby Holdings by lifting its shareholding to 78.4% from 71.4%.
According to BusinessDesk, Bapcor plans to sell Hellaby’s equipment, resources and footwear businesses, but the remaining automotive division as a foothold in the New Zealand market.
Hellaby’s independent directors now support the takeover; previously they argued that it undervalued the company after Bapcor declared its $3.60-per-share offer unconditional.
The offer closes on February 7.
