Bapcor inching toward control of NZ firm

New Zealand's Hellaby says ASX-listed Bapcor has lifted its stake from 47.5 per cent a week ago to 48.7 per cent, bringing it closer to its 50 per cent target.

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Published 5 January 2017 11:10am

Source: AAP

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The owner of the Burson Auto Parts chain is continuing to edge closer to taking control of NZ-based Hellaby Holdings.

Hellaby, which operates automotive companies such as BNT and Diesel Distributors as well as shoe retailers Hannahs and Number One Shoes, said on Thursday that ASX-listed Bapcor has lifted its stake from 47.5 per cent a week ago to 48.7 per cent, bringing it ever closer to its 50 per cent target.

Hellaby's board has advised shareholders not to accept the improved offer of $NZ3.60 ($A3.44), which it says undervalues the company.

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