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Smartgroup shares rocket on TPG’s $1.4b takeover offer

Lucas Baird and William McInnes
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Shares in salary packaging and fleet management services play Smartgroup have surged after a TPG Global-led consortium lobbed a $1.4 billion takeover bid.

TPG Global and Potential Capital have offered to acquire the company for $10.35 per share – a deal first revealed by Street Talk – and the Smartgroup board has decided it is in its best interest to grant the pair due diligence.

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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
William McInnes covers markets from Sydney including editing the Markets Live blog. Connect with William on Twitter. Email William at w.mcinnes@afr.com.au
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    Original URL: https://www.afr.com/companies/professional-services/smartgroup-shares-rocket-on-tpg-s-1-4b-takeover-offer-20210929-p58vqh