FleetPartners (FPR AU) Dings Element's Exclusivity. SG Fleet Returns. ORIX Joins The Party

• After rejecting SG Fleet’s $3.60/share NBIO, Element Fleet (EFN CN) tabled a A$3.80/share NBIO for FleetPartners (FPR AU), increasing to A$4.00/share with exclusive DD. FleetPartners has now rejected that exclusivity.

• SG Fleet has returned with a revised A$4/share NBIO (no exclusivity). And now ORIX (8591 JP) has thrown its hat into the ring with a A$3.80/share NBIO (also no exclusivity).

• FleetPartners is mulling all three proposals. A$4/share is looking full. And fair.

FleetPartners Group (FPR AU) is not very liquid. Look away now if that is not your bag.

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The Trade:

• Expect FleetPartners to engage, and Offer all three bidders DD access, and set a deadline for final bids (expect Element to concede).

• ~A$4/share is a full price. If not in, this is not something I would chase.

• A oOh!Media Ltd (OML AU) situation could unfold, and only one bidder firms terms.