Aug 20 (Reuters) - Australia's Eclipx Group (ECX) , a fleet management service provider, rejected an A$806.6 million ($590.1 million) cash and stock takeover offer from peer SG Fleet Group Ltd (SGF) on Monday, describing the offer as "inadequate".
The offer of A$2.00 cash and 0.15 SG Fleet shares per Eclipx share, translates to A$2.5235 per Eclipx share and represents a 17.9 percent premium to Eclipx's closing price on Friday.
Eclipx has already started a strategic review to evaluate the merits of "alternative customer orientated initiatives" and corporate actions available, the firm said in a statement.
It added that it intends to retain UBS AG and Herbert Smith Freehills as advisors for this purpose.
($1 = 1.3669 Australian dollars)
News: SGF Australia's Eclipx Group rejects SG Fleet Group's $590.1 mln takeover offer
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$3.31 |
Change
0.060(1.85%) |
Mkt cap ! $878.9M | |||
| Open | High | Low | Value | Volume |
| $3.25 | $3.41 | $3.25 | $2.417M | 728.9K |
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|---|---|---|
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