CANBERA (dpa-AFX) - Element Fleet Management Corp. (EFN.TO), pure-play automotive fleet manager, announced that it has decided not to submit a revised proposal to acquire FleetPartners Group Limited (FPR.AX), fleet management company in Australia and New Zealand. As a result, Element has withdrawn from the current sale process.
FPR.AX was trading at A$4.55 up A$0.42 or 10.17%.
After completing its Phase 1 review, Element determined that continuing in a competitive process did not provide a certain pathway to a transaction capable of delivering a compelling risk-adjusted return.
On August 9, 2026, Element had announced the submission of a non-binding indicative proposal to acquire FleetPartners Group. The acquisition was to be structured by way of a Scheme of Arrangement at A$3.80 per share in cash.
In addition, Element had offered, on a conditional basis, to increase the offer consideration to A$4.00 per share if, prior to 5:00 p.m. Sydney time on August 11, 2026, the FleetPartners Board agreed to enter into a process deed. This deed would have included a three-week period of hard exclusivity, during which Element intended to complete due diligence and execute a binding Scheme Implementation Deed.
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