Aussie PE Firm Ups Bid For Spotless Group To $727M

Law360, New York (December 1, 2011, 4:35 PM EST) -- Australian buyout firm Pacific Equity Partners LLC officially upped its bid for Melbourne-based facilities manager Spotless Group Ltd. on Thursday, offering to buy Spotless in a deal valued at AU$711.4 million (US$726.9 million), the company announced Thursday.

The $2.74 per share offer is a 17 percent premium over Spotless' Wednesday closing stock price and a 2 percent bump over a rejected $2.69 per share offer earlier this month.

Spotless is under pressure to come to the negotiating table after one of its biggest shareholders, Orbis Investment...
To view the full article, register now.