This could bump SIQ up today

AFR article:

Who's the strategic investor stalking red-hot small cap Smartgroup?
It's understood Singapore's Smart Packages, which retained a 30 per cent stake in Smartgroup when it listed in July 2014, is reluctant to sell its shares while a strategic investor circles and potentially offers a juicy premium.
Street Talk understands the Singaporean's approach came to light after Macquarie's ever-busy equities desk bid the company for its 30.4 million Smartgroup shares with a view to on-selling them to fund managers.
Sources said Macquarie built a book of mostly local small-cap investors to take-out Smart Packages shareholding late last month. The bid was designed to capitalise on Smartgroup's strong run from its $1.60 a share IPO last year to $2.40-plus, and test Smart Packages' commitment some months after its pre-IPO escrow expired.

However, the bid met with a "thanks, but no thanks", with Smart Packages telling Macquarie it was instead waiting to see whether its shares may appeal to a strategic buyer.
Investors suspect Smart Packages is talking about the ASX-listed car dealership group, AP Eagers.
Street Talk revealed in May that AP Eagers had been inching its way up Smartgroup's shareholder register, but was yet to cross the 5 per cent substantial threshold and reveal its hand.
AP Eagers has shown itself to be a patient suitor. It has sat on a 20-odd per cent stake in rival Automotive Holdings for the past four years, without making moving to take full control.


Other potential suitors for Smartgroup include rival salary packaging and novated leasing groups such as McMillan Shakespeare and SG Fleet.  
It will also be interesting to see whether Macquarie can turn its bid into a defence mandate. The broker floated Smartgroup alongside CIMB's now-defunct Australian equities team last year, and Smartgroup counts former Macquarie investment banking boss Michael Carapiet as its chairman.









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