Aug 3 (Reuters) – FleetPartners said on Monday it had received an indicative takeover proposal from private equity firm Pacific Equity Partners to acquire the vehicle-leasing company for about A$760.3 million ($534.5 million), putting its shares on course for their biggest intraday percent gain in over six years.
Here are some more details:
• The offer price of A$3.60 per share represents about a 27% premium to the New South Wales-headquartered firm’s last closing price of A$2.83
• Bid is part of a growing trend of private equity interest in Australian companies, with firms ranging from insurance broker Steadfast and fertility services provider Monash IVF to asset manager Perpetual, attracting takeover offers in recent years
• FleetPartners’ shares surged as much as 17% to A$3.31, hitting a 20-month high
• The company said that its board is reviewing and evaluating the proposal and will provide updates to shareholders in due course.
($1 = 1.4225 Australian dollars)
(Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Mrigank Dhaniwala)
