Australian Bapcor confirms it has received a $1.2 billion offer from Bain Capital
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Australian Bapcor confirms it has received a $1.2 billion offer from Bain Capital

(Reuters) – Australia’s Bapcor confirmed on Tuesday it had received a non-binding indicative proposal from private equity firm Bain Capital to buy the auto parts retailer in a deal that values ​​its equity at 1.83 billion Australian dollars ($1.21 billion).

Under the terms of the proposal, Bapcor shareholders would each receive AUD5.40 in cash.

“The Board cautions that at this time there is no guarantee that the indicative proposal presented by Bain Capital will result in a firm offer or that a transaction will be completed,” the company said in an exchange filing .

The announcement comes after the Australian Financial Review reported earlier this week on Bain Capital’s proposal for Bapcor.

Bapcor said it received an offer from Bain Capital Private Equity, LP to buy the company through a plan of arrangement after market close on Friday.

($1 = 1.5135 Australian dollars)

(Reporting by Roushni Nair in Bangalore; Editing by Vijay Kishore)