Bapcor over 90% of Hellaby
ASX-listed auto firm Bapcor has succeeded in its $352 million takeover of Hellaby Holdings, in a move likely to lead to the breakup of the diversified investment group, after shareholders including director Paul Byrnes accepted the offer.
Bapcor’s interest in the diversified investor rose to 92.7 per cent from 88.6 per cent, crossing the 90 per cent threshold that allows it to compulsorily acquire the remaining shares. It filed a notice of dominant ownership with the NZX yesterday.
Bapcor had already declared its $3.60-per-share offer, which closes on February 7, unconditional. The firm’s shares closed yesterday at $3.58.
Last September, the Australian company raised A$185m of new equity, with the balance of the takeover funded through its ANZ Banking Group facility. Bapcor has said it plans to sell Hellaby’s resources and footwear businesses, using the remaining automotive division as a foothold in the New Zealand market.
“We are working with the leadership teams of the Hellaby businesses on gaining a deeper understanding of their business plans and their future opportunities,” said Bapcor chief executive Darryl Abotomey.
All of the existing directors and former directors of Hellaby have sold into the offer. Byrnes initially sold 20,000 shares in January and exited the remaining 980,086 shares on Tuesday, for a total payday of about $3.6m.
The takeover marks the end of Hellaby as a listed company after 23 years. It grew out of Renouf Corp, a casualty of the 1987 stockmarket crash and was restructured by businessman Tur Borren.