SG Fleet Group acquisition proposal update

SG Fleet Group (ASX:SGF) has announced receiving a non-binding and indicative proposal from Pacific Equity Partners Pty Limited (PEP) to acquire all company shares at $3.50 each. The Board, after consulting its largest shareholder and advisers, has agreed to engage with PEP during an exclusivity period until November 29, 2024.

SG Fleet Group acquisition proposal summary

SG Fleet Group has received an indicative proposal from Pacific Equity Partners to acquire all shares at $3.50 per share. The proposal is non-binding, and the Board has agreed to an exclusivity period for due diligence until November 29, 2024. This engagement does not guarantee a transaction, as any agreement would require further negotiations and regulatory consents. SG Fleet has appointed BofA Securities and Gilbert + Tobin as advisers. Shareholders will be updated as required, and no immediate action is necessary.

Executive commentary on acquisition proposal

Shareholders do not need to take any action at this stage, as there is no certainty the proposal will result in a transaction.