An article in The Age on 30 April announced that ‘industrial services company Spotless has agreed to a full takeover by private equity firm Pacific Equity Partners (PEP) for a total cash consideration of $2.71 per share.’
‘The takeover bid is worth $720 million takeover offer and was less than the $2.80 minimum share price offer that the company wanted.
‘Under the deal with PEP, Spotless shareholders will receive $2.62 in cash per share and a special dividend of four cents per share.
‘The total consideration also includes the interim dividend of five cents per share paid by Spotless to shareholders on April 12.
‘‘Following extensive discussions with PEP, in particular over the past week, and a detailed assessment of PEP’s proposal, the Spotless board has determined that, under the present circumstances, the scheme is in the best interests of shareholders,’’ Spotless said in a statement.
‘‘Accordingly, the directors unanimously recommend that Spotless shareholders vote in favour of the scheme at the scheme meeting,” the statement concluded.