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Element Fleet Management Aims to Acquire FleetPartners in Australia/NZ in $578 Million Deal

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Element Fleet Management (EFN.TO) over the weekend said it submitted a proposal to acquire FleetPartners Group in Australia and New Zealand in a $578 million transaction.

FleetPartners shareholders would receive A$3.80 per share in cash, which is a 34.3% premium to FleetPartners' share price of A$2.83 as of July 31, Element Fleet said in an Aug. 9 statement.

Element has also offered to raise the offer price to A$4.00 if FleetPartners agrees by close of business Aug. 11 Sydney time to a three week period of "hard exclusivity", for Element to complete due diligence and execute a binding agreement.

"FleetPartners represents a rare opportunity to add meaningful capability in a market we know exceptionally well," said Chief Executive Laura Dottori-Attanasio.

"We have operated in Australia and New Zealand for decades and have deep knowledge of the market, its clients, and operating environment. We believe a combination with FleetPartners has compelling strategic and financial logic and would strengthen our ability to serve clients and enhance our value proposition across the region," she added.

Element Fleet shares were last seen down C$0.33 at C$29.30 on the Toronto Stock Exchange.

Price: $29.43, Change: $-0.20, Percent Change: -0.69%

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