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BRIEF-Hellaby says directors unanimously recommend shareholders to reject Bapcor takeover offer

Published 01/11/2016, 06:37 am
Updated 01/11/2016, 06:40 am
© Reuters.  BRIEF-Hellaby says directors unanimously recommend shareholders to reject Bapcor takeover offer

Nov 1 (Reuters) - Hellaby Holdings Ltd HBY.NZ

* Bapcor's offer of $3.30 for each hellaby share is significantly below independent adviser's valuation range of $3.60 to $4.12 per share

* Hellaby - advises that its independent directors unanimously recommend that shareholders reject Bapcor takeover offer made on 21 october 2016

* Independent directors believe offer price fails to reflect full value of hellaby and, in particular, its automotive group

* Hellaby holdings ltd - ebitda forecast to grow from $26.8 million in fy 2016 to $31.1 million in fy 2017

* Independent directors believe automotive group has a stand-alone value of at least $350 million

* Hellaby -co's net profit after tax for first half of fy 2017 to 31 dec 2016 will include a transactional gain of around $30 million from sale of equipment group

* "fy 2017 trading profit is forecast to be significantly ahead of fy 2016 year" Source text for Eikon: ID:nNZS7rwa Further company coverage: HBY.NZ

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