https://www.bapcor.com.au/Reports/Angus_McKay_appointed_as_Bapcors_Executive_Chair_and_Chief_Executive_Officer.pdf

https://www.bapcor.com.au/Reports/Rejection_of_non-binding_indicative_proposal_from_Bain_Capital_Private_Equity_LP_.pdf

I expected the TO offer to be rejected ....Bain was just being opportunistic. I remember on UWL there were multiple TO offers. BAP has a great business...that has had a few things not go as well as expected (like the warehouse rationalisation project taking longer and costing more...and multiple attemtps to get a CEO). Hopefully with this new management (third attempt!!) Angus can steady the BAP ship and push it forward again. But this will take 1-2 years before it is reflected in the SP (IMHO). 

In the short term.....another TO offer will be the only thing to push the SP up. Maybe Bain will put forward a realistic offer. And like UWL, maybe other players will come out and make offers. A super fund like Aware super love these cash generation businesses. Fingers crossed!

I'm thinking of selling and putting it all in ARU which in the short term should push up. And then buy back into BAP in 6 months time. The only issue is if another TO offer comes out.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02815916-3A644066

Bain making an opportunistic bid at $5.40 (current SP is about mid $4.)

This is a standard Bain takeover....buy when compnay is down, take a razor to it, build it up again and flog off or list and make their money. Altough they appear to be having some issues off loading Virgin Australia.

Obviously Bain sees the potential in BAP.

This is a low ball offer. And they may put in another offer at a later date. I would be really surprised if the Board accepted it.

BAP needs a new senior management team to steady the ship and set a new course.

They have lots of non-discretionary revenue...which could underpin a 2-3 year plan to "make BAP great again".

What do others think?