Investing.com-- Australian automobile parts retailer Bapcor Ltd (ASX:BAP) on Tuesday rejected a A$1.83 billion ($1.2 billion) takeover offer from Bain Capital, stating that the approach undervalued the firm.
Bain had in June offered to buy Bapcor at A$5.40 per share. Bapcor’s shares closed at A$5.07 on Monday.
Separately, Bapcor named Angus Mckay as chairman and CEO on Tuesday.
Bain’s offer for Bapcor had come as the company grappled with waning margins in Australia, as consumer spending slowed and as competition increased. Bapcor had warned that its profits in the second half of 2024 would be lower than the first.
Australian retail spending slowed sharply in the past year as consumer scaled back discretionary spending in the face of high inflation and interest rates.