FleetPartners Takeover Battle Heats Up as Three Bidders Circle
Three companies have made competing takeover offers for Australia's FleetPartners, with SG Fleet raising its bid to A$4.00 per share.
The takeover contest for Australian vehicle-leasing company FleetPartners has intensified, with three separate bidders now vying for control. On Wednesday, FleetPartners confirmed it had received takeover proposals from Pacific Equity Partners-backed SG Fleet and Japan's ORIX Corp, while also rejecting a request for exclusivity from Canada's Element Fleet Management.
The competing offers highlight sustained interest in Australian-listed companies from foreign acquirers and private equity firms, particularly in the financial services and healthcare sectors.
SG Fleet has raised its bid to A$4.00 per share, valuing FleetPartners at approximately A$844.8 million. This offer is 20 Australian cents higher than Element's initial indicative proposal of A$3.80 per share, which was unveiled on Monday and valued the company at roughly A$803 million.
Element had indicated it would increase its offer to A$4.00 per share if FleetPartners agreed to a three-week exclusivity period, a request the board has declined.
Japan's ORIX has made a A$3.80-per-share offer, valuing the firm at approximately A$802.5 million, representing a 9.5% premium to Friday's closing price.
FleetPartners' board said it is considering all three proposals and will update shareholders once its assessment is complete. The company cautioned that there is no certainty any proposal will result in a binding offer or a transaction.