Bunt foul caught by catcher - out or not?

[LDUB]

OBR 2.0

A FOUL TIP is a batted ball that goes sharp and direct from the bat to the catcher's hands and is legally caught. It is not a foul tip unless caught and any foul tip that is caught is a strike, and the ball is in play. It is not a catch if it is a rebound, unless the ball has first touched the catcher's glove or hand.

By your description the ball did not go sharp and direct from the bat to the catcher's glove. If that is the case, then the batter is out.