Spotless agrees to PEP takeover bid

An article in The Age on 30 April  announced that ‘industrial services company Spotless has agreed to a full takeover by private  equity firm Pacific Equity Partners (PEP) for a total cash consideration of  $2.71 per share.’ ‘The takeover bid is worth $720 million takeover offer and was less than the  $2.80 minimum share price offer  that […]

An article in The Age on 30 April  announced that ‘industrial services company Spotless has agreed to a full takeover by private  equity firm Pacific Equity Partners (PEP) for a total cash consideration of  $2.71 per share.’

‘The takeover bid is worth $720 million takeover offer and was less than the  $2.80 minimum share price offer  that the company wanted.

Talks about a deal had dragged on for five months. As stated in the article ‘Spotless said today it had entered into a scheme implementation agreement  with Pacific Industrial Services Bidco, which is owned by PEP.

‘Under the deal with PEP, Spotless shareholders will receive $2.62 in cash per  share and a special dividend of four cents per share.

‘The total consideration also includes the interim dividend of five cents per  share paid by Spotless to shareholders on April 12.

‘‘Following extensive discussions with PEP, in particular over the past week,  and a detailed assessment of PEP’s proposal, the Spotless board has determined  that, under the present circumstances, the scheme is in the best interests of  shareholders,’’ Spotless said in a statement.

‘‘Accordingly, the directors unanimously recommend that Spotless shareholders  vote in favour of the scheme at the scheme meeting,” the statement concluded.

www.theage.com.au, www.spotless.com

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