FleetPartners receives revised takeover offers up to $4.65

• FleetPartners received three revised non-binding buyout proposals topping out at $4.65 per share after initial due diligence.
• The revised offer prices represent an increase from previous indicative bids, while rival bidder Element withdrew.
• The board granted SG Fleet, ORIX, and Sumitomo access to a further phase of due diligence.

FleetPartners Group (ASX:FPR) has received three revised non-binding indicative proposals to acquire 100% of its outstanding shares, with offer prices reaching up to $4.65 per share.

The updated bids follow an initial limited due diligence process granted to a field of four potential suitors.

The revised indicative offer prices stand at $4.55 per share from SG Fleet Topco, $4.65 per share from ORIX Corporation, and $4.65 per share from the Sumitomo Consortium.

Following the announcement, the FleetPartners Group share price was up at $4.13.

The company noted that the board decided to grant the three remaining bidders access to a further phase of due diligence based on their revised offer prices and terms.

FleetPartners operates as a fleet leasing, management, and novated leasing provider across Australia and New Zealand.