Automotive parts distributor Bapcor has rejected Bain Capital’s proposal to acquire all its shares for $5.40 apiece, equivalent to about $1.83 billion.
Bapcor said the proposal does not represent fair value and is not in the best interest of its shareholders.
In a separate announcement, Bapcor said it has appointed 7-Eleven CEO and MD Angus McKay as its new executive chairman and CEO, effective August 22.
Previously, McKay served as MD and CEO of The Skilled Group, MD of Pacific National Rail, and CFO of Asciano.
“Angus is a proven leader with extensive experience. Throughout his career he has brought a strategic approach to expansion and operational efficiency,” said Margie Haseltine, Bapcor chair.
“Along with his focus on cultural change, Angus is well placed to drive results in Bapcor’s strategic endeavours and in turn for Bapcor’s shareholders.”
In the first half, the company’s net profit after tax plunged 15 per cent to $46.9 million while revenue rose 1.7 per cent to $1.02 billion.
Bapcor’s portfolio includes Burson Auto Parts, Autobarn, Autopro, Midas Tyre & Auto Service, Truckline, and Wano.
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