FleetPartners (FPR AU): Mitsubishi Motors' Register Raid Foreshadows An Offer
Mitsubishi Motors (7211 JP) has aggressively built a 19.93% position in FleetPartners (FPR AU), an Aussie provider of fleet leasing services, paying up to $3.10/share for a ~15% stake.
Earlier this year, Sydney PE outfit Pacific Equity Partners privatised Sg Fleet (SGF AU), one of FleetPartners key competitors.
MMC said it has no current intention to acquire control or a make a takeover offer. Mmm. I wouldn't be so sure.
The Trade:
There is as yet, no firm Offer.
I highly doubt MMC will simply sit on its 19.93% position.
$3.10/share sets the scene.
I'd be a buyer here and on weakness.
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