In today’s briefing:
- SG Fleet (SGF AU): Pacific Equity Partners’ Indicative Offer at A$3.50
- SG Fleet (SGF AU): PEP’s A$3.50/Share NBIO
- MV Australia Equal Weight Index Rebalance Preview: 1 Close Add & 3 Deletions
SG Fleet (SGF AU): Pacific Equity Partners’ Indicative Offer at A$3.50
- Sg Fleet (SGF AU) confirmed it received a non-binding indicative proposal from Pacific Equity Partners at A$3.50 per share, a 31.1% premium to the undisturbed price.
- In consultation with Bluefin Investments, the largest shareholder, PEP has been granted exclusive due diligence access, which ends on November 29.
- The offer is attractive compared to peer multiples and represents an all-time high. The talks are in the final stages, as due diligence ends at the end of the week.
SG Fleet (SGF AU): PEP’s A$3.50/Share NBIO
- SG Fleet (SGF AU), an Aussie provider of fleet leasing services, has announced a A$3.50/share non-binding and indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
- SGF’s board, in consultation with South Africa’s Super Group (SPG SJ), its largest shareholder, has granted PEP exclusive due diligence.
- A$3.50/Share is a 31% premium to undisturbed. The exclusivity period expires on the 29th November 2024. That short timeframe suggests a firm Offer is imminent.
MV Australia Equal Weight Index Rebalance Preview: 1 Close Add & 3 Deletions
- With 4 days left to review cutoff, there is 1 close add and 3 potential deletions for the MV Australia Equal Weight Index at the December rebalance.
- Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.6% and a round-trip trade of A$243m.
- The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.
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