PE Firm To Pay $752M For Food Service Co. Spotless

Law360, New York (April 30, 2012, 11:57 AM EDT) -- Australian cleaning and food servicer Spotless Group Ltd. on Monday agreed to an AU$720 million (US$752 million) takeover by private equity firm Pacific Equity Partners, ending an 18-month chase that also included an offer from Blackstone Group LP.

Spotless stockholders will get AU$2.71 per share.

The chase was long, but the price for Melbourne-based Spotless budged little. Blackstone first made an $2.50 per-share offer in May 2011, valuing the company at $657 million, which was rejected. PEP later went as high as $2.68, but in February...
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