Bapcor rejects Bain Capital’s $1.83 billion buyout offer

Bapcor rejects Bain Capital’s .83 billion buyout offer

Bapcor, the auto parts group behind the Autobarn and Burson chains, has rejected a $1.83 billion cash takeover offer from Bain Capital and appointed former 7-Eleven Australia chief executive Angus McKay as executive chairman.

Mr McKay will take over in August with a mandate to turn around the retailer after three profit declines in 12 months. In May, The Australian Financial Review reported that the company had been forced to temporarily close three national distribution centres for a fortnight in an attempt to prevent an explosion in stock levels.