Spotless Group Holdings Limited No material outcome on discussion with a listed global facilities services company for a superior proposal
No material outcome on discussion with a listed global facilities services company for a superior proposal: Spotless Group Holdings Limited (ASX: SPO) has asked its investors to turn down the takeover offer ($1.2 billion with $1.15 per share bid) from Downer EDI citing the same to represent an inadequate value for SPO. In addition, SPO has stated that the group can deliver greater value to its shareholders than the Downer offer in the medium term, at the back of fundamental strengths of group’s core business and management’s execution of the strategy reset. SPO’s strategy reset is already signalling for growth potential. On the other hand, SPO’s discussion with a listed global facilities services company over a potential alternative bid did not yield a material outcome. This is speculated to give some advantage to DOW. However, SPO is still ready to explore options in relation to a superior proposal to Dow’s offer. Further, the current 10.4% SPO stake by Coltrane Asset Management of New York might not allow Downer to attain the bid condition of 90% minimum acceptance for the takeover.
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