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Bapcor Media Release
Bapcor Media Release
On 16 December 2016, Bapcor wrote a letter to Hellaby shareholders about its takeover offer for Hellaby’s shares. That letter contained the following statement:
"I appreciate this is your decision to make but hope you will accept our offer of
$3.60 cash per share and join the shareholders representing more than half of
Hellaby's shares that have indicated they will accept the offer."
The Takeovers Panel has requested that Bapcor clarify this statement.
The underlined statement was based on Bapcor having received acceptances relating to approximately 42% of Hellaby's shares as at 16 December, together with indications received by Bapcor and its financial advisers from shareholders yet to accept Bapcor's offer about their intentions in relation to Bapcor’s offer.
“Indications” of intentions from shareholders yet to accept are not commitments to accept or acceptances of Bapcor’s takeover.
Bapcor is advising the market of acceptances it has received via the substantial product holder notices it has been issuing. Bapcor’s last substantial product holder notice, issued on 21 December 2016, disclosed that Bapcor had at that time received acceptances in respect of 46.061% of Hellaby’s shares. Bapcor remains confident, in its opinion, that shareholders representing more than 50% of the Hellaby shares will accept the Offer.
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