Hellaby Holding’s directors believe selling its businesses could provide more value to shareholders than automotive parts company Bapcor’s takeover offer of $3.60 per share.
Autolign, BNT and Diesel Distributors are some of Hellaby’s more prominent businesses.
A new growth strategy is another option that the directors believe could provide more value, while advising shareholders not to accept Bapcor’s current offer.
Hellaby board chairman Steve Smith says $3.60 is at the bottom end of the company’s value.
“The feedback we are receiving is that a significant number of shareholders believe the revised offer price still undervalues their company.”
However, Bapcor is reporting that it now owns 40% of Hellaby shares.
