Street Talk

Bain refused to sign Bapcor’s NDA/standstill in return for engagement

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 9, 2024 – 1.33pm

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There’s outrage in the Bain Capital camp this morning after embattled automotive parts distributor Bapcor knocked back its $5.40 non-binding bid.

Street Talk understands the would-be acquirer’s view is that Bapcor’s board, which has been shepherding a rudderless ship through a trying period, is bonkers for rejecting its offer after three profit downgrades and a 27 per cent slump in the share price.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com