The FleetPartners Group Ltd (ASX: FPR) share price is in focus today after the company received a conditional $3.60 per share takeover offer from SG Fleet.
Image source: Getty Images
What did FleetPartners report?
- Received a non-binding, indicative, and conditional offer from SG Fleet to acquire 100% of shares at $3.60 per share
- Deal is subject to due diligence and various regulatory approvals
- Offer price would be reduced by any future dividends paid by FleetPartners
- FleetPartners Board currently evaluating the proposal with advisors
What else do investors need to know?
SG Fleet's offer is not legally binding and comes with a suite of conditions, including thorough due diligence and regulatory approvals from bodies such as FIRB, ACCC, and NZCC. There is currently no guarantee that this indicative proposal will progress to a formal binding offer or result in a transaction.
FleetPartners shareholders are not required to take any action at this stage. The board emphasises its ongoing confidence in the company's current strategy and intention to continue delivering shareholder value.
What's next for FleetPartners?
The FleetPartners Board, alongside its financial and legal advisors, will assess the proposal and update shareholders as developments occur. For now, the company remains committed to its standalone strategy focused on growth and robust returns. FleetPartners has appointed UBS as its sole financial adviser and Herbert Smith Freehills Kramer as its legal adviser.
FleetPartners share price snapshot
Over the past 12 months, FleetPartners shares have risen 3%, slightly outperforming the All Ordinaries Index (ASX: XAO), which has risen 2% over the same period.
