Fleetpartners Group Ltd Rejects Exclusivity Request from Element
Key points
- FleetPartners Board rejected Element's exclusivity request
- Received revised proposal from SG Fleet at $4.00 per share
- Also received proposal from ORIX at $3.80 per share
- Board is currently considering all proposals
Full summary
FleetPartners Group Limited (FleetPartners) has announced that its board has rejected a request for exclusivity from Element Fleet Management Corp, which had proposed to acquire 100% of FleetPartners' shares for $4.001 per share. Additionally, FleetPartners received a revised non-binding proposal from SG Fleet Topco Limited to acquire 100% of the shares for $4.00 per share and an indicative proposal from ORIX Corporation to acquire 100% of the shares for $3.80 per share. The board is currently considering these proposals and will provide an update to shareholders as soon as practicable.
Outlook
FleetPartners will continue to assess all proposals and provide further updates as appropriate.
Summary generated by a large language model. Please interpret with care.