Hellaby Holdings, owner of Number One Shoes and Hannahs, has been the subject of an attempted takeover by Australian car parts company Bapcor for some months. It’s now succeeded.
As of February 1st 2017, Bapcor succeeded in its $352 million takeover of Hellaby Holdings. This motion is likely to result in the breakup of the investment group after various shareholders and director Paul Byrnes yielded to the offer. The ASX-listed Bapcor has been pursuing NZX-listed Hellaby since September when it launched a $3.30 per share offer, which was raised to $3.60 in December.
Bapcor chief executive Darryl Abotomey said that he was pleased to see so many shareholders accept the offer. Abotomey was recently appointed the company’s chairman and believes that the transition is progressing smoothly.
"Hellaby shareholders have recognised that accepting the Bapcor offer was the best alternative to optimise value from their Hellaby investment."
The company had previously indicated it would likely look to keep Hellaby's automotive businesses and sell the remainder, which included widely renowned shoe businesses Hannahs, Hush Puppies, and Number One Shoes. Abotomey has said he is working with those businesses to consider their business plans and future. The takeover marks the end of Hellaby as a listed company after 23 years. It grew out of Renouf Corp, a casualty of the 1987 stock market crash and restructured by businessman Tur Borren and turned into Hellaby Holdings.