close
MENU
1 mins to read

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.

NZPA
Mon, 09 May 2011

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.

NZPA
Mon, 09 May 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Private equity proposal to buy all Spotless shares
14403
false