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Australia’s SG Fleet jumps on $785 mln takeover bid from Pacific Equity Partners

Investing.com– Shares of SG Fleet Group Ltd (ASX:SGF) soared on Monday after it confirmed that it is in discussions regarding a buyout offer from private equity group Pacific Equity Partners (PEP) to acquire Australia’s largest vehicle fleet management and leasing group for A$1.2 billion ($785 million).

SG Fleet stock jumped as much as 24% in early trade to A$3.32. Pacific Equity offered to pay A$3.50 per share for SG Fleet – a 31% premium to Friday’s closing price of A$2.67 per share and above the 52-week high of A$3.43.

After the non-binding proposal, SG Fleet board has granted a period of exclusivity to facilitate PEP’s due diligence, SG Fleet said in a statement. The exclusivity expires at the end of this week on 29 November 2024.

SG Fleet says there is no certainty that the indicative proposal from Pacific Equity Partners will lead to a binding offer.

Pacific Equity, a year ago, took a majority stake in Sydney-based electric vehicle charging hardware and software provider EVSE.

This post appeared first on investing.com

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