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Pacific Equity sweetens offer for Spotless

Thursday 1st December 2011

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Australia’s Pacific Equity Partners has sweetened its offer for Australasian cleaning and laundry services company Spotless Group, which has agreed to consult its shareholders and continue talks with the buyout firm.

PEP lifted its indicative price to as much as A$2.68 a share, or A$711 million, from the A$2.63 if offered for 100 percent of Spotless on Nov. 17. The increase reflects a tweak to the original proposal so as not to reduce the proposed offer price to account for up to 5 cents of dividends Spotless may pay, it said.

"On the basis of PEP's revised proposal, Spotless will continue to seek to engage with both PEP and its shareholders which may or may not lead to a proposal that the Spotless directors would support and ultimately recommend to Spotless shareholders," the company said.

Spotless is proposing a management presentation for PEP, where certain matters of due diligence will be addressed, the company said.

Its shares last traded on the ASX at A$2.29, valuing the company at A$611 million.

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