Bapcor Rejects Bain Capitals A$1.83 Billion Buyout Bid, Citing Undervaluation
On Tuesday, Bain Capital made a $1.23 billion $1.83 billion acquisition bid, but Australian auto parts retailer Bapcor BAP.AX turned it down, saying t
On Tuesday, Bain Capital made a $1.23 billion $1.83 billion acquisition bid, but Australian auto parts retailer Bapcor BAP.AX turned it down, saying the amount was too low for the companys actual worth. Cash offers of A$5.4 per share were made by Bain Capital, marking a substantial 23.9% premium over Bapcors closing price on June 7. According to Bapcor—which runs wellknown Australian companies including Autobarn and Midas—accepting the offer would not be in the best interests of its stockholders. In addition, Angus McKay was named executive chairman and CEO by the corporation, and it also disclosed that impairment costs would likely have an impact on its statutory net profit after taxes for the second half.
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B2B Tech News | 17 days ago