Company News Summary
Spotless Group Holdings Announces Takeover Offer
Original announcement: DOW: Downer announces takeover offer for Spotless
Spotless Group Holdings noted that Downer EDI announced that its wholly owned subsidiary Downer EDI Services (Downer Services), will lodge a Bidder's Statement for a takeover offer (Offer) for all of the issued shares in the Company that it does not already own for $1.15 cash per share (Offer Price). Downer Services has an interest equivalent to 19.99% in the issued share capital of the Company which is comprised of a 15% shareholding and a further economic interest equivalent to 4.99% via a total return cash settled equity swap. The Offer is a highly attractive one and represents compelling value for its shareholders. The Offer Price of $1.15 cash for each Company's share represents a premium of 59% to the closing price of its shares on 20 March 2017.
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