Aug 3 (Reuters) - Australia's FleetPartners said on Monday private equity firm Pacific Equity Partners had proposed to buy the vehicle-leasing firm for about A$760.3 million ($534.5 million), putting its shares on course for their biggest gain in over six years.
Here are some more details:
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The offer price of A$3.60 per share represents about a 27% premium to the New South Wales-headquartered firm's last closing price of A$2.83.
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The approach adds to a broader run of buyout interest in Australia. Companies including insurance broker Steadfast, fertility services provider Monash IVF and asset manager Perpetual have drawn interest in recent years as private equity firms pursue listed businesses seen as undervalued.
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FleetPartners' shares surged as much as 17.7% to A$3.33, a 20-month high.
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The company said its board was reviewing and evaluating the proposal and would update shareholders in due course.
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A successful deal could spur further M&A activity in Australian small- and mid-cap companies, with private equity buyers targeting fundamentally strong businesses at attractive valuations, said Tim Waterer, chief market analyst at KCM Trade.
($1 = 1.4225 Australian dollars)
Reporting by Aamir Shaik Khalid and Kumar Tanishk in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu Sahu
Source: Reuters