Tag: DOW – SPO

Now for the battle for Spotless and who will crack first.

What’s a little greenmail these days but a flashback to the future of the 1980’s when the idea first came to prominence and became second nature for a host of big names who are now either supporters of Donald Trump, poor, or have had a holiday in Club Fed, or are dead.

Downer EDI is starting to gobble up Spotless Ltd.

Downer EDI yesterday moved to majority control of Spotless announcing a 50.3% stake just after 11am. That means the closing date for the $1.2 billion bid is now automatically extended to 7pm Tuesday, July 11.

Spotless Group shareholders continued to ignore the $1.15 offer from Downer EDI, leading to suggestions the we could be in for an impasse that lasts into 2018.

The $1.3 billion bid for Spotless from Downer EDI is starting to get a little messy as Downer struggles for traction with acceptances.

Downer EDI has extended its $1.26 billion takeover bid for cleaning and catering company Spotless by two weeks, to June 14. The infrastructure and mining services company did not provide any reason for the extension in its statement to the ASX yesterday, but reiterated that the offer was final and urged Spotless shareholders to accept it.

All over bar the shouting with Spotless?

With the Takeovers Panel deciding not to look into Downer EDI’s (DOW) $1.3 billion bid to acquire cleaning and catering group Spotless Group (SPO), it’s all over bar the shouting.

Downer EDI’s (DOW) hostile bid for the troubled Spotless (SPO) is a forgone conclusion according to the market. Spotless’s share price fell 2.3% to $1.055 yesterday – 10 cents under Downer’s proposed $1.15 a share offer price.

Downer EDI (DOW) shares are likely to go into a trading halt today if reports of a looming bid for Spotless (SPO) are correct.