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...
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