Spotless Sets $760M Price Tag In PE Buyout

Law360, New York (January 9, 2012, 1:04 PM EST) -- Australia-based facilities manager Spotless Group Ltd. made its latest move in a months-long cat-and-mouse game with buyout firm Pacific Equity Partners LLC on Monday, naming its price at AU$743 million (US$760 million), a move PEP reportedly rejected just hours later.

Spotless' request was in response to California-based PEP's latest bid to buy the security, catering, janitorial and waste management company for AU$711.4 million, or AU$2.74 per share — a sweeter deal than its original AU$2.68 per share offer.

But the price hike and accompanying delay in...
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