EFN said to attract interest from buyout firms This is old news however worth sharing since this whole activist push has been flying under the radar
ELEMENT FLEET SAID TO ATTRACT INTEREST FROM BUYOUT FIRMS
- National Post (Latest Edition)
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Element Fleet Management Corp., under pressure from activist investors, has attracted takeover interest from private equity firms, according to people familiar with the matter. Several buyout firms are considering bidding to take Element private and have made informal proposals the people said, asking not to be identified as the details aren’t public. No final decisions have been made and it’s not clear whether the Toronto-based commercial vehicle and equipment leaser is running a formal sale process, the people said. Element is working with advisers to defend itself against its activist investors, the people said. The company said in July it was evaluating options for some non- core assets. Shares of Element closed little changed Friday at $9.45 in Toronto, valuing the company at about $3.7 billion. A representative for Element declined to comment. Activist investors Marcato Capital Management and Sachem Head Capital Management have been urging Element to consider selling itself, people familiar with the matter said this month.