The buyout firm would only pay about $1.5bn for the business according to Reuters, which cited people familiar with the matter.
Bain and fellow private equity firms Carlyle and Pamplona previously made offers for TI Automotive in 2011, but the company later cancelled that sale due to adverse market conditions.
A consortium of funds including private equity firm Oaktree Capital Group backed TI Automotive in 2007 by participating in its debt restructuring.
The company supplies fluid and gas control and delivery systems for vehicles, and has more than 20,000 employees across 130 locations around the world.
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