Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Bapcor Hellaby Takeover a Logical Step

Bapcor Limited
New Zealand Media Release



30 September 2016: Listed Australian automotive aftermarket parts business Bapcor Limited (ASX:BAP) says its proposed takeover offer for Hellaby Holdings Limited (NZX:HBY) is a logical step in the long-standing relationship between the two companies.

Darryl Abotomey, chief executive of Bapcor, said: “Bapcor and Hellaby’s automotive business have co-operated closely over a number of years - Bapcor is a long-standing Hellaby automotive customer, and Hellaby automotive executives have visited Bapcor’s facilities and held discussions about systems and processes.

“The two companies have previously talked about progressing the relationship further.

“Given this shared history, it is a logical step for our two companies to come together in this way,” Mr Abotomey said.

“Hellaby has underperformed guidance and recently highlighted an uncertain outlook, so what our proposed offer does is provide certainty for shareholders if they accept the offer and the offer completes.”

In Bapcor's view, the cash offer of $3.30 per share represents fair value for Hellaby. In addition, registered Hellaby shareholders (as at 23 September 2016) will receive Hellaby’s FY16 final dividend of 12.5 cents per share, payable by Hellaby on 30 September 2016 (today).

“We believe the fact that certain shareholders, some of whom have been long term investors in Hellaby, have entered into lock-up agreements to accept the offer in respect of approximately 30 per cent of Hellaby's issued shares indicates that this is an attractive offer.

“If shareholders agree to accept our offer, the New Zealand automotive parts market will gain from the economies of scale we can bring. We will offer customers new product ranges and utilise technology to provide a better customer experience and proprietary customer loyalty programmes.

“Hellaby and Bapcor employees should also receive enhanced career opportunities that arise from our scale,” said Mr Abotomey.

Bapcor is the largest automotive aftermarket parts, accessories and services supplier in Australia, with a network covering 750 sites. Bapcor has a strong history of growth, both organically and via acquisition. Since listing in 2014, it has significantly expanded the scope of its operations, with the A$275 million acquisition of Metcash Automotive in July 2015 a key pillar to this expansion. If the Hellaby takeover offer is not successful it is likely that Bapcor will enter the New Zealand market organically or through another acquisition.



This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer would be illegal. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “Securities Act”), or the securities laws of any state or jurisdiction of the United States. Accordingly, the securities may not be offered or sold directly or indirectly in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable United States state securities laws.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>