Australia's FleetPartners hits record high on receiving sweetened buyout bids

Element Fleet Management

14/09/2026 01:47

** Shares of FleetPartners FPR.AX rose as much as 11.4% to a lifetime high of A$4.6
** Stock logs largest intraday pct gain since mid-August
** Vehicle leasing firm says it has received revised indicative offers from bidders Pacific Equity Partners-backed SG Fleet, ORIX Corp 8591.T and Sumitomo-led consortium 8053.T
** SG Fleet offer at A$4.55 per share, while ORIX and Sumitomo each offer A$4.65 apiece
** The sweetened offers value the company at between A$960.9 million and A$ 982.1 million, topping SG Fleet's previous leading bid of A$844.8 million ($603.36 million)
** Says board has decided to grant all bidders access to further phase of due diligence
** Adds Canada's Element Fleet Management EFN.TO has decided not to submit revised offer
** Stock up 60.3% YTD, including the day's moves
     
($1 = 1.4002 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))