Corporate Action - Downer Declares AUD 1.15 Offer For Spotless Final; Accept Offer
Downer has extended its takeover bid for narrow moat rated Spotless to May 31, 2017 and has declared its AUD 1.15 per share cash offer as being final, in the absence of a superior proposal. We recommend Spotless shareholders accept the AUD 1.15 offer, which sits modestly below our AUD 1.20 fair value estimate. With Downer retaining a 19.99% blocking stake, we rate the probability of a superior proposal emerging as being low. We note that previous discussions with facilities management players to...Spotless Group Holdings is engaged in the provision of outsourced facility services, laundry and linen services, technical and engineering services, maintenance and asset management services and refrigeration solutions to various industries in Australia and New Zealand. Co.'s operating segments comprised of: Facility Services, which provides multi-faceted facilities management, cleaning, and catering and food services to a range of industries across Australia and New Zealand; and Laundry Services, which provides linen and uniform laundry services to a range of customers across Australia and New Zealand.
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