FleetPartners rejects SG Fleet, considers $4 Element offer
- Element Fleet Management proposed acquiring FleetPartners for up to $4 per share following a rejected $3.60 bid.
- The enhanced bid represents a premium that drove the Fleet Partners' share price up to $3.84.
- The company stated it is evaluating the new proposal to determine if it aligns with its long-term strategy.
FleetPartners (ASX:FPR) rejected an initial buyout and received a conditional $4 per share proposal from Element Fleet Management.
The board declined a prior $3.60 cash offer from SG Fleet received in early August.
Element offered an indicative $3.80 per share, increasing to $3.80 if granted three weeks of exclusivity.
The company stated the proposal requires regulatory clearance and assumes no further dividends are paid to shareholders.
As the board evaluates this potential transaction, following the announcement, the FleetPartners share price was up at $3.83.
The business operates as a major vehicle leasing provider across Australia and New Zealand.
The company stated that the board remains confident in the current business strategy and long-term financial outlook.
