Market Mover | Bapcor shares surge 10% on Bain Capital's non-binding acquisition proposal

Jun 11th, 2024 - $Bapcor Ltd (BAP.AU)$ shares surged 10.32% to A$4.810 on Tuesday morning, following Bapcor's response to media speculation and confirmation of the receipt of a non-binding, indicative proposal from Bain Capital Private Equity, LP ("Bain Capital") .

Bapcor Limited, a prominent provider of automotive parts and services in the Asia-Pacific region, has disclosed an unsolicited, non-binding proposal from Bain Capital to acquire the entire equity of the company through a scheme of arrangement.

The proposal values Bapcor's shares at $5.40 per share, subject to adjustments for dividends post the proposal date. The proposal is contingent upon several conditions, including due diligence, a binding agreement, unanimous board recommendation, director commitments, Bain Capital's investment committee approval, and regulatory and statutory clearances, including from the Foreign Investment Review Board.

Bapcor's board has yet to assess the proposal and cautions that there is no certainty it will lead to a binding offer or transaction.

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