FleetPartners Bids Raised by SG Fleet Orix Sumitomo
FleetPartners received revised takeover offers valuing the firm up to A$982.1 million. SG Fleet Orix and Sumitomo raised their bids while Element Fleet withdrew. The company granted the bidders further due diligence access.
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FleetPartners shares jumped 12% to A$4.64 during Monday morning trading after receiving revised buyout proposals from ORIX CORP, Sumitomo Corp, and SG Fleet, valuing the Australia-based leasing firm at up to A$982.1M ($702.2M). The sweetened bids top SG Fleet's previous A$844.8M offer. Rival suitors are circling FleetPartners to capture its fast-growing novated leasing unit, which leverages EV tax incentives.
