Bapcor Rejects Bain’s $1.2 Billion Takeover Offer as Too Low

Australian automotive parts retailer Bapcor Ltd. rejected a A$1.83 billion ($1.2 billion) takeover offer from private equity firm Bain Capital as too low.

Bapcor, which is the parent company of car parts outlet Autobarn, as well as servicing chain Midas among other brands, said Tuesday the unsolicited A$5.40 per share cash offer “doesn’t represent fair value” and isn’t in the best interests of shareholders. Bapcor shares closed Monday at A$5.07.

A Bapcor Ltd. Autobarn store in Melbourne.

Photographer: Carla Gottgens/Bloomberg

Before Bain made its offer June 11, Bapcor shares had declined almost 50% from its high in mid-2021 after a series of profit downgrades stemming from ...