16 Jan 2017

Hellaby tells shareholders to accept Bapcor offer

1:21 pm on 16 January 2017

The local investment firm, Hellaby Holdings, is recommending minority shareholders accept an offer from its new majority shareholder.

Car engine, vehicle maintenance, vehicle parts

Photo: 123RF

Hellaby has interests in the automotive, resources and footwear sectors.

Australian autoparts company Bapcor has acceptances for more than 50 percent of Hellaby shares and its takeover offer of $3.60 per share is unconditional.

Those shareholders will be paid in the coming days.

Despite recommending its shareholders reject the offer throughout the takeover process, Hellaby Holdings now said those who are left should accept it.

Hellaby's independent directors said shareholders who keep their stakes will be in a "minority position with little influence".

The Bapcor offer is extended to 7 February.

Bapcor has eyed Hellaby and its automotive sector for some time.

It has told RNZ it wants a smooth transition and will review Hellaby's assets over time.

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