Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn


Downer ends bid with 88pct stake in Spotless

AAP  |  29 Aug 2017Text size  Decrease  Increase  |  
Email to Friend

Page 1 of 1

SYDNEY - [AAP] Downer EDI's (ASX: DOW) $1.3 billion takeover offer for Spotless Group (ASX: SPO) has closed with the engineering services firm holding an 87.8 per cent controlling stake.

Downer, which launched its hostile takeover bid in March, on Tuesday said its offer for Spotless had not been extended past Monday's share market close.

It fell just short of the 90 per cent needed to trigger a compulsory acquisition.

Having consistently resisted Downer's overtures, the Spotless board caved in July and reluctantly recommended shareholders accept Downer's offer.

The turnaround came after Downer achieved a 62.3 per cent stake.

Downer has offered $1.15 for each Spotless share, which was their price ahead of Tuesday's market open.

The Spotless leadership had contended that the bid undervalued the facilities management company.

Email to Friend
Market News and Views Sign up today and receive our free Morning Note e-newsletter, daily in your inbox.


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

Email To Friend