Bapcor rejects Bain’s $1.83b offer, lures exec chair from 7-Eleven

Bapcor, the automotive parts group behind the Autobarn and Burson chain, has rejected an all-cash $1.83 billion buyout offer from Bain Capital, and appointed former 7-Eleven Australia chief executive Angus McKay as executive chairman.

Mr McKay will start in August with a mandate to turn the retailer around after three profit downgrades in 12 months. In May, The Australian Financial Review reported that the company had been forced to temporarily shut three national distribution centres for a fortnight as it attempted to prevent a blowout in inventory levels.