IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

FleetPartners (FPR AU): A Three-Way to Potentially Four-Way Tussle

FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> has disclosed that SG Fleet, <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-corp" target="_blank" data-smartkarma-citation="entities:5380:1" rel="noopener">Sumitomo Corp (8053 JP)</a> have revised their NBIOs to A$4.55, A$4.65 and A$4.65, respectively. </li>
<li>
<a href="https://www.smartkarma.com/entities/element-fleet-management-corp" target="_blank" data-smartkarma-citation="entities:24511:1" rel="noopener">Element Fleet Management (EFN CN)</a> has dropped out. <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> is also likely to drop out, as its revised offer already factors in substantial synergies.</li>
<li>One of the Japanese strategics will win, as FleetPartners is a relatively small, strategically adjacent bolt-on. A final binding offer around A$4.90-A$5.00 per share is possible.</li>
</ul>



FleetPartners Group (FPR AU) has disclosed that SG Fleet, Orix Corp (8591 JP) and Sumitomo Corp (8053 JP) have revised their NBIOs to A$4.55, A$4.65 and A$4.65, respectively. 

Element Fleet Management (EFN CN) has dropped out. Sg Fleet (SGF AU) is also likely to drop out, as its revised offer already factors in substantial synergies.
One of the Japanese strategics will win, as FleetPartners is a relatively small, strategically adjacent bolt-on. A final binding offer around A$4.90-A$5.00 per share is possible.


FleetPartners (FPR AU): Approaching the Endgame with Materially Higher Revised Offers