A consortium led by Sumitomo Corporation has submitted a cash bid of A$813.10 million for Australian vehicle leasing company FleetPartners, expanding the acquisition contest to four bidders.
A consortium led by Sumitomo Corporation has made a cash bid of A$813.10 million for Australian vehicle leasing company FleetPartners. The acquisition contest has consequently expanded to four bidders, including Orix, SG Fleet and Element Fleet.
The new proposal offers FleetPartners shareholders A$3.85 in cash per share, a 34% premium to the 31 July closing price before the acquisition contest began. It exceeds the A$3.80 bids from Orix and Element Fleet, but falls short of SG Fleet's A$4.00 offer. SG Fleet raised its offer two weeks ago after its initial proposal was rejected.
FleetPartners' share price has risen nearly 50% since the 3rd of this month, giving the company a market capitalization of approximately A$904.4 million as of the 26th. The consortium has been permitted to conduct initial limited commercial and financial due diligence while continuing discussions with other potential buyers.