The Bapcor Ltd (ASX: BAP) share price is on the move today. It fell in early trade on takeover news, recovered briefly this afternoon, but has now dipped lower again to sit at $7.04 per share at time of writing.
Let's take a closer look at what's behind the Bapcor share price movements today.
Why did the Bapcor share price fall this morning?
Bapcor shares tumbled early after announcing a new $48 million takeover deal for two new businesses.
Truckline and Diesel Drive are set to come under the Bapcor brand following this morning's announcement.
Both companies are in the commercial truck spare parts industry with revenues of $100 million and $13 million, respectively.
The acquisitions are part of Bapcor's expansion into the lucrative Japanese and Aussie wholesale markets.
Bapcor is set to fund the takeovers with $48 million from its existing debt facilities.
Shareholders reacted badly to the news and the Bapcor share price fell lower in early trade.
Why is the Bapcor share price fluctuating today?
The Bapcor share price rebounded more than 1% higher to $7.23 per share this afternoon after the company's Annual General Meeting (AGM) updates to the ASX, although it has since dipped back down again to $7.04.
CEO Darryl Abotomey noted the company's record financial results in FY19 across revenue, earnings before interest, tax, depreciation and amortisation, and net profit.
Bapcor has now achieved its growth targets every year since listing in 2014.
Chairman Andrew Harrison also touched on the company's solid growth while noting the company's unique position in the aftermarket parts industry.
Mr. Harrison said the company is undertaking significant technology and infrastructure investments in warehousing, retail point of sale and information technology.
Foolish takeaway
It's been a big day of news on the ASX for Bapcor and its investors, with a number of market-moving announcements.
With the dual acquisitions and news from the AGM moving the Bapcor share price throughout the day, it will be interesting to see where the company's shares close out the week.
Bapcor shares are currently trading at 20.54x earnings with a dividend yield of 2.41% per annum and a market cap of over $2 billion.
