Manawatu Standard

Bapcor’s Hellaby takeover a done deal

- HAMISH MCNICOL

The takeover of Hellaby Holdings, which owns several automotive businesses as well as Hannahs and Number One Shoes, has been finalised.

Australian automotive company Bapcor has been wanting to take over Nzx-listed Hellaby for months, and last year upped its offer price from $3.30 a share to $3.60 a share after to-ing and froing over Hellaby’s value.

The price offered was at the bottom of the $3.60 to $4.12 valuation range provided by corporate advisory group Grant Samuel in its independen­t report on Hellaby.

Last month, Bapcor declared its offer unconditio­nal after it received acceptance­s of more than 50 per cent of shareholdi­ngs in Hellaby.

As a result, Hellaby’s independen­t directors recommende­d shareholde­rs accept the takeover offer.

Bapcor said yesterday it had received acceptance­s for more than 92.7 per cent of Hellaby’s shares to date. This meant it would now compulsori­ly acquire the remaining shares in Hellaby under the New Zealand Takeovers Code.

Bapcor chief executive Darryl Abotomey said he was pleased to see so many shareholde­rs accept the offer.

Last week, four Bapcor nominees were appointed to Hellaby’s board and Abotomey became the company’s chairman. He said the transition process was progressin­g smoothly.

‘‘Hellaby shareholde­rs have recognised that accepting the Bapcor offer was the best alternativ­e to optimise value from their Hellaby investment.’’

The company had previously indicated it would likely look to keep Hellaby’s automotive businesses and sell the remainder, which included shoe businesses Hannahs, Hush Puppies and Number One Shoes.

Abotomey said he was working with those businesses to consider their business plans and future.

‘‘I have met many of the management and staff of the various Hellaby businesses and have been impressed with the quality of the team and their enthusiasm for the business.’’

Bapcor claimed to be Australia’s leading automotive aftermarke­t service, parts and accessorie­s business with more than 750 stores, including Midas and Autobarn.

It wanted to create what it said would be the leader in the Australasi­an automotive aftermarke­t parts industry with the takeover of Hellaby.

The aftermarke­t business includes anything buyers purchase for their cars which they do not return to the dealer for, such as parts.

In New Zealand that market is worth between $3 billion and $5b; in Australia it is worth at least three times that.

Bapcor’s offer valued Hellaby Holdings at $351.8 million.

 ??  ?? Darryl Abotomey
Darryl Abotomey

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