(Reuters) -Australia’s Bapcor on Tuesday confirmed it has received a non-binding indicative proposal from private equity firm Bain Capital to buy the automotive parts retailer in a deal that values its equity at A$1.83 billion ($1.21 billion).
Under the terms of the proposal, Bapcor shareholders would receive A$5.40 cash apiece.
“The Board cautions that at this time there is no guarantee that the indicative proposal put forward by Bain Capital will result in a binding offer or that any transaction will eventuate,” the company clarified in an exchange filing.
The announcement comes after the Australian Financial Review earlier this week reported the proposal from Bain Capital for Bapcor.
Bapcor said it had received the offer from Bain Capital Private Equity, LP to buy the firm by way of a scheme of arrangement after market close on Friday.
($1 = 1.5135 Australian dollars)
(Reporting by Roushni Nair in Bengaluru; Editing by Vijay Kishore)
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