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.

Spotless directors today said 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.

The private equity firm had proposed to acquire 100% 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.

NZPA

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