At one stage, there was five suitors for FleetPartners (FPR AU). Element Fleet (EFN CN) and Smartgroup (SIQ AU) walked, leaving SG Fleet, Orix (8591 JP), and Sumitomo (8053 JP).
FleetPartners has now entered into a SID with PEP’s SG Fleet at A$5.30/share, a 87.3% premium to undisturbed. Franking credits may be attached to the FY26 final and special dividends.
Timing from here: Scheme Meeting to be held in Feb 2027, and implementation by the end of March 2027.
FleetPartners Group (FPR AU) is not very liquid. Look away now if that is not your bag.
The Trade:
This is a knockout Offer Price.
Trading tight at a gross/annualised spread of 3.6%/8.4%, not including franking credits (for those who can take advantage).