FleetPartners Group (ASX:FPR) said it received an indicative, non-binding and conditional offer after market close on Aug. 7 from Element Fleet Management to acquire all of the outstanding shares in FleetPartners via a scheme of arrangement at an indicative cash consideration of AU$3.80 apiece, according to a Monday Australian bourse filing.
Element also proposed to increase the cash consideration to AU$4 per share if FleetPartners enters into a process deed in a form acceptable to Element, including a three-week exclusivity period, by Aug. 11.
The FleetPartners board, together with its advisers, is considering and evaluating Element's offer, the company said. The company had earlier received an unsolicited, indicative, non-binding, and conditional offer from SG Fleet Topco to acquire the company through a scheme of arrangement at AU$3.60 per share.
Element's offer is subject to a number of conditions, including satisfactory completion of due diligence, the accuracy of certain financial and operational assumptions, and required regulatory approvals.