FFS.....another CFO lost.

Look at the changest in managment and board since 2021:

2021:

• CEO Retirement: CEO and Managing Director, Darryl Abotomey resigned

2022:

• CEO Appointment: Noel Meehan was appointed as the new CEO and Managing Director.
• CFO Appointment: Stefan Camphausen was appointed as the Chief Financial Officer.
• Board Changes: Kate Spargo appointed.

2023:

• Board Changes: Resignation of a director and the appointment of new Non-Executive Directors.

2024:

• CEO Departure: 2 Feb 2024, CEO and Managing Director Noel Meehan would step down from his role effective 5 Feb 5, 2024.
• Interim CEO Appointment: Non-Executive Director Mark Bernhard was appointed as Interim CEO and Managing Director following Noel Meehan's departure.
• Chair Succession: The then-Chair, Margaret Haseltine, indicated she would not seek re-election at the 2024 Annual General Meeting.
• CEO announced: Paul Dumbrell was appointed as the new CEO and Managing Director, scheduled to commence on May 1, 2024.
• CEO ran away!: 30 April 2024: Bapcor reported that Paul Dumbrell decided not to join the company due to personal reasons, just one day before his planned start date. Consequently, Interim CEO and Managing Director Mark Bernhard continued in his role while the Board initiated a new executive search.
• Executive Chair and CEO Appointment: Angus McKay was appointed as Executive Chair and Chief Executive Officer, commencing on August 22, 2024.
• Lead Independent Director: Non-Executive Director Mark Powell was elected to the new position of Lead Independent Director.
• CFO Appointment: George Saoud joined as Chief Financial Officer on July 1, 2024.

2025:

• CFO resigns: 18 Feb 2025, George Saoud resigns as Chief Financial Officer.

Can they hire some good people that will stick around and turn this around. This is a good company. Bain ran the ruler over it and put in a low ball bid.

Could represent good buying if it drops further.

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?