The board of hostile takeover target Hellaby Holdings is due to sit down with auto-part distributer Bapcor to ''seek clarity'' over Bapcor's remaining takeover conditions, timing and its offer extension intentions.
ASX listed Victoria-based Bapcor has this week gained a controlling 50.1% stake in Hellaby, based on a $3.60 per share offer worth $351.8 million, and waived a condition it would seek 90% acceptances.
Bapcor at present has 750 outlets in Australia and the Hellaby takeover would provide a foot in the door to New Zealand, with immediate access to its 120 automotive outlets.
Hellaby's chief executive Alan Clarke said the two companies would meet today and tomorrow.
He said Bapcor's offer remained conditional.
''Pending notification of satisfaction or waiver of these conditions, there remains uncertainty as to whether and when Bapcor's offer will become unconditional and therefore when accepting shareholders will be paid,'' Mr Clarke said in the statement.
He said Hellaby's board would issue an updated recommendation; which to date had been not to accept, once there was ''certainty and clarity'' over offer conditions and timing.
The offer period is set to close on January 18, but Bapcor could extend that date.
