Hellaby takeover bid steps up a gear

News brief

23 November 2016

Hellaby takeover bid steps up a gear

Australian auto parts firm Bapcor has mailed Hellaby shareholders claiming Grant Samuel’s valuation of Hellaby is overstated because, in its view, it incorrectly excludes corporate head office costs. Based on a review of independent adviser reports for significant change of control takeovers in New Zealand over the last ten years, Bapcor says the approach is unusual and contrary to standard market practice. When corporate head office costs are included in the valuation, Bapcor’s offer of $3.30 per share would fall well within an adjusted price range.

Ends

Further explanation of Grant Samuel’s approach to Hellaby corporate head office costs, and Bapcor’s views on the material impact of that approach, are contained in the attached letter to shareholders.

20333246_Bapcor__Letter_to_Shareholders__FINAL.PDF

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