Australia's Bapcor top gainer on ASX 200 on confirmation of buyout offer

Bapcor

11/06/2024 01:39

** Shares of Bapcor  BAP.AX  rise as much as 14.5% to
A$4.990, hitting their highest level since April 29
    ** Stock last up 12.4%, on track for best day since March
26, 2020, if gains hold
    ** Stock top gainer on benchmark S&P/ASX 200 index  .AXJO 
    ** Vehicle parts provider confirms receipt of non-binding
indicative buyout proposal from Bain Capital in a deal that
values the firm at A$1.8 bln ($1.19 bln) in equity
    ** Co says under proposal, BAP shareholders to receive
A$5.40 cash per share
    ** Stock has fallen 21.3% so far this year, as of last close
    

($1 = 1.5147 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))