FleetPartners opens due diligence for 100% buyout bids

• The board granted limited commercial and financial due diligence access to three competing prospective buyers.
• The non-binding proposals reached up to $4 per share, pushing the stock price to multi-year highs.
• The company stated the access is intended to allow bidders to formulate informed, revised proposals.

FleetPartners (ASX:FPR) opened limited due diligence access for three separate firms proposing to acquire 100% of its shares.

The board's decision follows competing non-binding takeover offers reaching $4, driving shares higher than previous market expectations.

SG Fleet, Element Fleet Management, and ORIX (NYSE:IX) must sign confidentiality agreements before accessing commercial data.

The company stated that this access will allow each bidder to consider submitting revised proposals.

As the board evaluates these options, following the announcement, the FleetPartners share price was up at $4.12.

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

The firm recently executed share buy-backs before these indicative buyout proposals shifted its immediate corporate capital strategy.