FleetPartners

Fleetpartners' shares rose 11.4% to A$4.60, driven by an escalating bidding war. ORIX and the Sumitomo consortium each offered A$4.65 per share, SG Fleet Topco lodged a revised offer of A$4.55, while Element Fleet Management exited the process. Fleetpartners granted the three remaining bidders access to a further due-diligence phase, indicating the competition is progressing toward a possible binding transaction. » Altro su de.investing.com

A consortium led by Japan's Sumitomo Corp has tabled a takeover offer for FleetPartners of A$813.1m (A$3.85 per share or US$582m), representing a 34% premium to the closing price on July 31. The offer is above bids from ORIX and Element Fleet but remains below the top bid of A$4.00 per share from SG Fleet/PEP. FleetPartners is one of Australia’s largest vehicle leasing providers; growth in its novated leasing business has made it the target of strong takeover interest. » Altro su de.investing.com

The FleetPartners share rose 5.2% to A$4.07 after the board unanimously rejected an indicative offer from SG Fleet. FleetPartners is now considering an indicative offer from Element Fleet Management of A$3.80 per share, with the option to raise the price to A$4.00 if an exclusivity agreement is achieved. Element emphasizes that neither price level will be increased without a higher competing bid; the offer is subject to conditions such as due diligence and regulatory approvals. The share price reflects speculation of a higher bid or further competition. » Altro su de.investing.com