Bapcor's takeover offer of Hellaby Holdings has now been declared unconditional, with shareholders who have accepted the offer to receive $3.60 per share within the next 7 days.
Representatives of the two companies met yesterday to discuss the takeover after Bapcor gained effective control of Hellaby by securing more than fifty percent of the shares.
In a statement published to the NZX, Bapcor said that Hellaby's independent directors have now provided Bapcor with "sufficient comfort around the remaining offer conditions" and these have now been lifted. The closing date of the offer has also been extended to February 7.
Hellaby's independent directors had opposed the takeover, arguing it undervalued the business. In its statement Bapcor said the company "considers that the Hellaby board should now be recommending that it is in the best interests of all shareholders to accept the Bapcor offer."
The ASX-listed Bapcor has been pursuing NZX-listed Hellaby since September when it launched a $3.30 per share offer, which was raised to $3.60 in December.
Bapcor is an autoparts firm based in Preston, Victoria. Its aim in buying Hellaby is to sell its equipment, resources and footwear businesses to focus on its automotive business. Car sales in New Zealand have been hitting record levels over the last three years, due to a rapid increase in population and fast growing economy.
Shares of Hellaby had traded at $3.03 before the takeover was announced. In trading today, they've risen 0.6 per cent, or 2 cents, to $3.57.