Australia's FleetPartners receives raised takeover bids from Orix, Sumitomo Corp-led consortium and others

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3▲2 ▼0Impact / 5
Summary · why it matters

Vehicle leasing company FleetPartners Group said on the 14th that a consortium led by Sumitomo Corporation, Orix, and SG Fleet, a unit of Australian private equity major Pacific Equity Partners, have raised their takeover offers. Based on the new offers, the company is valued at up to 982.1 million Australian dollars, or 722 million US dollars. SG Fleet raised its offer price to 4.55 Australian dollars per share, while the consortium led by Orix and Sumitomo Corporation each raised theirs to 4.65 Australian dollars. According to FleetPartners, Canada's Element Fleet opted not to revise its takeover proposal and has therefore withdrawn from the bidding war. FleetPartners' board has decided to grant the three camps — SG Fleet, Orix, and the Sumitomo Corporation-led consortium — access to the next stage of due diligence.

Impact on assets 2

Energy Transition & Power Demand▲
Sumitomo Corporation
8053
▲ PositiveCapitalrelevance

Sumitomo-led consortium raised its takeover offer for FleetPartners to A$4.65/share and was granted due-diligence access.

ORIX Corporation
8591
▲ PositiveCapitalrelevance

Orix raised its takeover offer for FleetPartners to A$4.65/share and gained access to due diligence, advancing its acquisition bid.

Off-coverage companies 4

FleetPartners Group Limitedi
Private▲ PositiveCapitalrelevance

FleetPartners received raised takeover bids valuing it at up to A$982.1M and granted three bidders due-diligence access.

SG Fleet Groupi
Private▲ PositiveCapitalrelevance

SG Fleet raised its takeover offer for FleetPartners to A$4.55/share and advanced to the next due-diligence stage.

Element Fleet Management Corp. (formerly Element Financial Corp.)i
Private▼ NegativeCapitalrelevance

Element Fleet declined to revise its takeover proposal and withdrew from the FleetPartners bidding war.

Pacific Equity Partnersi
Private± Mixedrelevance