Bapcor waives higher threshold condition

AutobarnAutomotive group Bapcor has encouraged shareholders of Kiwi-based Hellaby to accept its offer of $3.60 cash per share, after yesterday confirming it has over 50 per cent of company shares.

The Bapcor board has waived the 90 per cent acceptance threshold following the announcement.

In response to the latest development, the board of Hellaby Holdings said Bapcor’s offer “remains subject to a number of other conditions that have yet to be declared satisfied or waived by Bapcor and therefore the Bapcor offer remains conditional” in a statement.

Representatives of both companies’ boards will meet on Thursday and Friday of this week.

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