Australia's Bapcor hits three-week low on rejecting $1.2 bln offer from Bain

Bapcor

09/07/2024 01:30

** Shares of Bapcor  BAP.AX  fall as much as 4.3% to A$4.85,
their lowest since June 17 
    ** Stock emerges as one of the top losers on the benchmark
index  .AXJO  
    ** The autoparts retailer says it has rejected an A$1.83
billion ($1.23 billion) takeover bid from private equity firm
Bain Capital, saying the proposal "does not represent fair value
for Bapcor"
    ** Co separately says it has appointed Angus McKay as
executive chairman and CEO 
    ** "In terms of the rejection of Bain's proposal, this is a
fairly typical first step. We concur with the board that Bain's
bid is low," analysts from Jefferies say 
    ** Stock has fallen ~8.5% this year as of last close


($1 = 1.4826 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))