Australia's Bapcor confirms receipt of $1.2 billion offer from Bain Capital (updated)

Bapcor

11/06/2024 24:18

(Writes through with further details on deal from paragraph 2
onwards)
       June 11 (Reuters) - Australia's Bapcor  BAP.AX  on
Tuesday confirmed it has received a non-binding indicative
proposal from private equity firm Bain Capital to buy the
automotive parts retailer in a deal that values its equity at
A$1.83 billion ($1.21 billion).
    Under the terms of the proposal, Bapcor shareholders would
receive A$5.40 cash apiece.
        "The Board cautions that at this time there is no
guarantee that the indicative proposal put forward by Bain
Capital will result in a binding offer or that any transaction
will eventuate," the company clarified in an exchange filing.
  
    The announcement comes after the Australian Financial Review
earlier this week reported the proposal from Bain Capital for
Bapcor.
        Bapcor said it had received the offer from Bain Capital
Private Equity, LP to buy the firm by way of a scheme of
arrangement after market close on Friday.
  
        
  

($1 = 1.5135 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru; Editing by Vijay
Kishore)
 ((Roushni.Nair@thomsonreuters.com;))