Australia auto parts retailer Bapcor rejects Bain Capital’s $1.2 bln bid

SYDNEY, July 9 (Reuters) – Australian auto parts retailer Bapcor (BAP.AX), opens new tab rejected on Tuesday the A$1.83 billion ($1.23 billion) buyout offer from private equity firm Bain Capital, saying it did not fully reflect the company’s value.

The company’s stock fell by as much as 4.3% in early trade on Tuesday. The Australian benchmark S&P/ASX200 (.AXJO), opens new tab was up 0.65%.

Bain Capital had offered to buy Bapcor for A$5.4 per share in cash, representing a 23.9% premium to the stock’s June 7 close of A$4.36.

Source: REUTER