FleetPartners Rejects SG Fleet Offer, Evaluates Element Bid
Key points
- FleetPartners rejected SG Fleet's $3.60/share offer
- Received $3.801/share offer from Element, potentially rising to $4.001
- Board evaluating Element's proposal, considering other strategic options
Full summary
FleetPartners Group Limited has rejected an indicative, non-binding offer from SG Fleet, which proposed to acquire the company for $3.60 per share. The Board deemed the offer undervalued and not in shareholders' best interests. Subsequently, FleetPartners received a higher, non-binding offer from Element Fleet Management Corp. at $3.801 per share, with a potential increase to $4.001 per share if certain conditions are met. The Board is currently evaluating the Element offer and remains open to other strategic alternatives. Shareholders are advised to take no immediate action.
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