10 Jan 2017

Bapcor a step closer to getting its hands on Hellaby

5:48 pm on 10 January 2017

Australian automotive company Bapcor is a step closer to getting its hands on investment firm Hellaby Holdings.

Car engine, vehicle maintenance, vehicle parts

Photo: 123RF

Bapcor made a $320 million offer for Hellaby at $3.60 per share last year, which the New Zealand company has so far resisted.

Bapcor now has just over 50 percent of Hellaby shares and has wiped a previous condition of needing 90 percent.

Hellaby's directors have previously said if Bapcor gets over 50 percent and wipes the other condition then they would reconsider their "don't sell" advice.

Bapcor chief executive Darryl Abotomey said there were some other minor conditions that needed to be met.

But he said his company would now talk with Hellaby and was hopeful the offer could go unconditional as early as this week.

Mr Abotomey said it had been a long process.

"We will be pleased to see it completed and then just get on with adding some value to the business and moving forward with it," he said.

The Bapcor offer lapses on 18 January.

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