Today’s Sydney Morning Herald’s BusinessDay (www.smh.com.au) has reported that ‘the private equity firm interested in buying Spotless Group says it is unable to increase its offer without access to the Spotless books. But Spotless wants Pacific Equity Partners to increase its indicative offer before allowing access.’ PEP has offered $2.68 for each Spotless share, valuing […]
Today’s Sydney Morning Herald’s BusinessDay (www.smh.com.au) has reported that ‘the private equity firm interested in buying Spotless Group says it is unable to increase its offer without access to the Spotless books. But Spotless wants Pacific Equity Partners to increase its indicative offer before allowing access.’
PEP has offered $2.68 for each Spotless share, valuing Spotless at about $711 million. However, Spotless has previously stated it would only recommend a takeover offer to shareholders if it was offered $2.80 a share, while PEP said it could not extend its proposal without access to due diligence.