Pacifica Bosche nod

AUSTRALIAN brake components manufacturer Pacifica Group has supported a takeover bid from German auto parts giant Bosch after it increased its offer 15 per cent late last month to $535 million, or $2.20 cash per share.

Although eight per cent lower than a takeover offer from Bosch earlier this year (which Pacifica rejected), the Pacifica board has this time recommended that shareholders accept the latest deal "in the absence of a superior offer".

An independent expert report has also deemed the offer, which is scheduled to close on December 18, as "fair and reasonable".

Bosch said the takeover would ensure Pacifica’s future, which will be a comfort for shareholders and employees considering large-vehicle sales have softened in Australia and the US.