Australia’s FleetPartners shares on track for best day in 6 years on $534 million takeover bid

FleetPartners jumped sharply after private equity firm Pacific Equity Partners made an indicative takeover proposal valuing the Australian vehicle-leasing company at about A$760.3 million ($534.5 million). The bid price of A$3.60 per share represents a 27% premium to the prior close of A$2.83, sending the stock as high as A$3.31 and on track for its biggest intraday gain in more than six years. The company said its board is reviewing the offer and will update shareholders later. The news highlights continued private equity appetite for Australian listed companies and could support further speculation around additional takeover interest in the sector.