Australia's Bapcor reverses gains after slumping to over three-week low

Bapcor

09/07/2024 03:03

(Updates)
    ** Shares of Australia's Bapcor  BAP.AX  reverse course,
last up 0.7% at A$5.11
    ** Stock earlier fell as much as 4.3% to A$4.85, its lowest
since June 17 
    ** 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 
    ** Analysts at Jefferies say the appointment of an executive
chair and CEO is unusual and generally not considered ideal
practice
    ** Brokerage says BAP board could establish a data room and
potentially attract multiple bidders for the firm 
    ** Stock has fallen ~8.5% this year as of last close


($1 = 1.4826 Australian dollars)

 (Reporting by Archishma Iyer and Rishav Chatterjee)
 ((Archishma.Iyer@thomsonreuters.com;))