Pacific Equity Partners gets FIRB approval for SG Fleet takeover
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The news: The federal government's Foreign Investment Review Board has approved Pacific Equity Partners' (PEP) $1.2 billion takeover of fleet management company SG Fleet Group.
The numbers: The $3.50-per-share offer by private markets investor PEP, revealed in November, values ASX-listed SG Fleet at $1.23 billion.
The offer represented a 31% premium to SG Fleet's closing share price on 22 November and a 30% premium to its one-month volume-weighted average price. Its shares last closed at $3.45.
The context: The deal remains subject to approval of SG Fleet's shareholders at upcoming scheme meetings, expected to be held on 8 April, as well as court approval and other conditions.
SG Fleet's directors have unanimously recommended that the company's shareholders vote in favour of the acquisition.
The source: ASX
