Bapcor Ltd
(ASX:BAP), formerly known as Burson Auto Parts, has announced that it intends to takeover Hellaby Holdings Ltd.
Bapcor is planning to offer NZ$322 million for this acquisition, by acquiring all the ordinary shares in Hellaby at NZ$3.30 per share.
Hellaby is a New Zealand public company, which operates in automotive distribution and wholesaling across Australia and NZ. In addition, it owns businesses in resource services and footwear retailing.
If this transaction goes ahead, Bapcor intends to divest some businesses that it regards as “non-core”. Bapcor has also gained support for this proposed deal from Hellaby shareholders, which make up 29.84% of its share register.
Bapcor reported a net profit of $43.6 million at 30 June 2016.
