Private equity proposal to buy all Spotless shares
A private equity firm has made an indicative, non-binding and conditional proposal for all the shares in Melbourne-based Spotless Group.
A private equity firm has made an indicative, non-binding and conditional proposal for all the shares in Melbourne-based Spotless Group.
A private equity firm has made an indicative, non-binding and conditional proposal for all the shares in Melbourne-based Spotless Group.
Spotless directors today said in a statement that they did not intend to take any further action on the proposal, which they considered did not reflect the fundamental value of the company in the context of a change of control. They didn't indentify the firm.
The private equity firm had proposed to acquire 100 percent of the shares of Spotless via a scheme of arrangement at an indicative price of A$2.50 (NZ$3.39) in cash per share. Spotless, which is listed in this country and Australia, last traded on the ASX at A$1.95.5c on Friday. The offer valued Spotless at A$648 million compared to its current market value of $507 million.