Australian auto-parts distributor Bapcor is on track to achieve a 100% takeover of Hellaby Holdings, costing $351.8million in total, and already has control of Hellaby's board.
Bapcor's stake in Hellaby, whose 120 auto-parts outlets give it direct access to the New Zealand market, yesterday rose from 78.4% to 83%, with the extended offer yet to run to February 7
If Bapcor gain a 90% stake it will trigger the compulsory acquisition of the remaining 10% of shares, which at $3.60 per share will cost Bapcor $351.8million to complete a 100% takeover.
Craigs Investment partners broker Chris Timms said while daily acceptances by shareholders had been around 4% to 5%, he expected some slowing in the process.
''I wouldn't be surprised if acceptances slow up, as stragglers start the [acceptance] process, but it looks likely they will get to 90% before February 7,'' Mr Timms said yesterday.
Three Hellaby directors have resigned from its board and been replaced by four Bapcor appointees, giving it a board majority.
Most of Hellaby's board had sold their shareholdings in the company.
ASX-listed Bapcor has 750 Australian outlets.
