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Bapcor closes in on NZ takeover

AAP logoAAP 28/12/2016

The owner of the Burson Auto Parts chain has inched closer to taking control of NZ based Hellaby Holdings.

Hellaby said on Thursday that ASX-listed Bapcor has lifted its stake from 46 per to 47.5 per cent over the Christmas period.

Bapcor launched its takeover bid in October with an attempt to buy as much as 90 per cent of Hellaby, which would let it enforce mop-up provisions for the remaining shares.

Last week, Bapcor said it may waive the 90 per cent condition, making its offer conditional on it getting acceptances for 50 per cent of the voting rights.

Hellaby operates automotive companies such as BNT and Diesel Distributors as well as shoe retailers Hannahs and Number One Shoes.

Its board has advised shareholders not to accept the offer, which it says undervalues the company.

Bapcor lifted its offer to $NZ3.60 ($A3.47) this month from its initial $NZ3.30 bid, but said it would not increase the price further despite Hellaby's directors seeking an additional 18 NZ cents per share dividend.

Bapcor shares were up 5.0 cents, or 0.9 per cent, at $5.93 at the close, outperforming the broader Australian market.

Its shares have risen more than 40 per cent in 2016.

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