SG Fleet shares surge on Pacific Equity Partners takeover bid
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More news: Shares in SG Fleet Group soared in early trade on the ASX after the fleet management company confirmed it had received a $1.2 billion takeover offer from private markets investor Pacific Equity Partners.
SG Fleet shares were up 22.5% to $3.27, having added around 40% since January.
Pacific Equity Partners in talks to acquire SG Fleet Group for $1.2b
The news: SG Fleet Group has confirmed it has received a non-biding takeover proposal from Pacific Equity Partners (PEP) to acquire all of its shares.
The numbers: ASX-listed fleet management company SG Fleet said it is in talks over a $3.50-per-share offer by private markets investor PEP. This values SG Fleet at $1.2 billion.
The context: SG Fleet's board has granted PEP a period of exclusivity, expiring on 29 November, to facilitate due diligence and enable the suitor to put forward a binding offer.
SG Fleet said there is no certainty that the indicative proposal will result in a transaction and any deal would require board, shareholder and regulatory approval.
The source: ASX announcement
