SG Fleet Secures Key Approval for Takeover by PEP-Backed Bidco

SG Fleet Group Limited (ASX: SGF) has received crucial Overseas Investment Office (OIO) approval for its proposed acquisition by Westmann Bidco Pty Limited, an entity backed by Pacific Equity Partners (PEP). The acquisition, structured as a scheme of arrangement, was initially announced on 4 December 2024. With OIO consent now granted—subject to conditions acceptable to Bidco—this satisfies a major condition precedent outlined in the Scheme Implementation Deed. The Scheme still requires shareholder approval at meetings scheduled for 8 April 2025, along with court approval and fulfilment of remaining conditions. SG Fleet's Board has unanimously recommended shareholders vote in favour of the proposal, barring a superior offer and provided the Independent Expert maintains a favourable assessment. Directors also intend to vote in support of the Scheme for their personal shareholdings, with certain exceptions. Shareholders are encouraged to review the Scheme Booklet for detailed considerations and potential conflicts.

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