PEP finally seals $752m Spotless buyout
Australian cleaning and catering contractor Spotless Group has accepted an A$720 million ($752 million) buyout offer from Pacific Equity Partners (PEP). The total consideration of A$2.71 per share is higher than the private equity firm’s original bid of A$2.68 but still below alternatives suggested last week.
According to a regulatory filing, the Spotless board has reached an agreement with PEP subsidiary Pacific Industrial Services BidCo which will see stockholders receive A$2.62 per share in cash and a special...
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