Bloomberg reported that Canada’s largest pension fund and Onex Corp. have teamed up to bid for Element Fleet Management Corp., with KKR & Co. also making an offer for the company, according to people familiar with the matter. Read the full Bloomberg report here.

In response to this report, the company issued a release confirming 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 stating, "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, representatives for Element, Canada Pension and KKR declined to comment. A representative for Onex didn’t immediately respond to a request for comment.