SG Fleet Group (ASX:SGF) said Westmann Bidco, an entity controlled by private markets fund manager Pacific Equity Partners, received approval from the overseas investment office for its acquisition of SG Fleet via a scheme of arrangement, according to a Thursday Australian bourse filing.
The board recommended that shareholders vote in favor of the proposed acquisition, subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders, the filing said.
The deal is still subject to shareholder and court approvals, the filing added.
Shares of the firm rose nearly 1% in recent Thursday trade.
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