Australian automotive company Bapcor, which is trying to take over investment firm Hellaby Holdings, is sounding more confident it will gain control after the Overseas Investment Office (OIO) gave it approval.
Bapcor has made a $320 million offer for Hellaby at $3.60 per share, which the New Zealand company is stoutly resisting.
Bapcor said it had made a commitment to the OIO to invest in the Hellaby automotive business to bring in technology to improve efficiency, as well as create new jobs as the business expanded over the next three to five years.
It was more confident it would get over 50 percent of Hellabys after feedback from various shareholders, in which case it would consider in early January whether to scrap its condition of needing 90 percent, it said.
The Hellabys' directors have previously said if Bapcor got over 50 percent and wiped the other condition then they would reconsider their do-not-sell advice.
The Bapcor offer lapses in mid-January.