PEP conducts due diligence on Spotless
Australia’s Spotless Group has done an about-turn and allowed Pacific Equity Partners (PEP) to conduct due diligence into the cleaning services company. This comes despite the firm previously saying it would only open its books to PEP if it increased its offer to at least A$2.80 per share, or A$743 million ($760 million).
A public campaign run by Spotless shareholders Orbis Australia and Investors Mutual - which own 9% and 3% respectively - appears to have changed Chairman Peter Smedley's mind. "We have moved to minimise...
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