Downer mounts A$1.2 billion takeover for Spotless Group

Tue, 21 Mar 2017

By Paul McBeth March 21 (BusinessDesk) - Downer EDI has launched a A$1.26 billion takeover bid for ASX-listed outsourced laundry and cleaning services firm Spotless Group as the Australian-based infrastructure and mining firm looks to expand its operations as a vertically integrated services provider. Sydney-based Downer is offering A$1.15 a share to Spotless shareholders, a 59 percent premium to the 72.5 Australian cents price the stock traded at before the announcement. Downer bought a 15 percent stake at an average price of A$1.146 ye...

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