Automotive retail group Bapcor’s chief executive, Darryl Abotomey, said Hellaby’s announcement that it may consider breaking up the company will only serve to provide further uncertainty to shareholders.

“We find it extraordinary that the Hellaby board has raised this possibility now, when they’ve had all year to consider their options since we first approached them in January,” Abotomey said.

According to Abotomey, a break up option is an admission that they are not confident in their growth strategy, something that has been recognised by shareholders representing 40 per cent of Hellaby’s shares who have already accepted their offer.

“A break up process would likely be a long, drawn out affair – consider the fact Hellaby has been trying to sell their Footwear division for a very long time – and is far from certain to deliver better value than the option from Bapcor which is in front of them now,” he said.

“We are offering an attractive value and certainty for Hellaby shareholders – $3.60 cash per share. Hellaby shareholders are encouraged to accept now if they want to realise this attractive value for their shareholding.”