FleetPartners Group receives takeover offers at $4 per share

• FleetPartners rejected an exclusivity request from Element Fleet Management while evaluating multiple takeover proposals.
• The company share price traded higher following the disclosure of competing acquisition interest.
• The board continues to review proposals from potential buyers to determine the best outcome for shareholders.

FleetPartners Group (ASX:FPR) rejected an exclusivity request from Element Fleet Management Corp. while evaluating multiple takeover proposals worth up to $4 per share.

The board declined the exclusivity condition after reviewing initial proposals and gathering shareholder feedback.

"The company has decided to reject Element's request for exclusivity as contemplated by the proposed process deed," stated the FleetPartners directors.

Element previously proposed a cash consideration of $3.80 per share, which could increase to $4 per share if an exclusivity agreement was signed by the deadline.

SG Fleet Topco and ORIX Corporation also submitted competing conditional proposals to acquire the business.

Following the announcement, the FleetPartners Group share price was up at $4.08.

The firm operates as a major provider of vehicle fleet management and leasing services across Australia and New Zealand.