Multiple Parties May Join Bidding for Bapcor -- Market Talk

Dow Jones06-13

2233 GMT - Autoparts retailer Bapcor is in the takeover crosshairs of private-equity firm Bain Capital, and Jefferies thinks others will soon join the fray. Bain has made a $1.83 billion proposal to acquire Bapcor that analyst John Campbell sees as the opening salvo in what will likely be a drawn-out battle involving multiple parties. "We assume this will include the two leading U.S. auto aftermarket players, AutoZone and O'Reilly, as well as potentially Marubeni (owner of XL Parts, a major U.S. trade parts supplier)," he says. Jefferies has a hold call on Bapcor and A$5.30/share price target. Bain's offer is pitched at A$5.40/share, representing a 24% premium to Bapcor's stock price before the bid became known. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 12, 2024 18:33 ET (22:33 GMT)

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