FleetPartners Group Rejects Fleet Management's Request for Exclusivity Linked to Takeover Bid

MT Newswires Live

Aug 12

FleetPartners Group (ASX:FPR) rejected Element Fleet Management's request for exclusivity linked to a conditional takeover proposal, according to a Wednesday filing with the Australian bourse.

Element Fleet Management proposed to acquire all of the outstanding shares in the company through a scheme of arrangement for AU$3.80 apiece, potentially up to to AU$4 apiece if the company signs a process deed including a three-week exclusivity period by Aug. 11, the filing said.

The company also received a revised non-binding takeover proposal from SG Fleet Topco for an increased all-cash price of AU$4 per share.

Additionally, the company received a non-binding, conditional takeover bid for AU$3.80 per share through a scheme of arrangement from Orix, per the filing.

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