Element Fleet Management Responds to Reports of Potential Sale

Bloomberg reported that Element Fleet Management, after facing pressure to sell from investors, is evaluating a joint bid from Canada Pension Plan Investment Board and Onex as well as a bid from KKR & Co.

In response to the report on the bids made for the company, Element issued a news release, which stated, “While Element has engaged in discussions with third parties on various strategic and operational matters, the company cautions that there can be no assurance that such discussions will result in any actions. Element confirms there is no material, undisclosed information regarding the company.”

According to Bloomberg, investors Marcato Capital Management and Sachem Head Capital Management have pushed for a sale, while investor ValueAct Capital Management has not, according to people familiar with the matter.

Element’s release confirmed that “it has received various suggestions from several shareholders regarding the company’s business and is assessing these suggestions and other value creating initiatives available to the company.”

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