Reuters: Private Equity: Australia's Spotless still talking with PEP

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Australia's Spotless still talking with PEP Apr 26th 2012, 23:06 MELBOURNE, April 27 | Thu Apr 26, 2012 7:06pm EDT MELBOURNE, April 27 (Reuters) - Australian business services firm Spotless Group asked for a trading halt of its shares to be extended, saying it hoped to make an announcement about talks with suitor Pacific Equity Partners by early Monday. Trading in Spotless shares was halted on Tuesday, and had been due to resume on Friday but the talks have dragged on. Pacific Equity Partners (PEP) is sweetening its takeover offer for Spotless, bringing the deal value above the A$743 million ($770 million) that the target company has been seeking, two sources with knowledge of the deal told Reuters this week. PEP, Australia's largest buyout firm, had offered A$711 million or A$2.68 a share for the cleaning and catering services group, whose contracts include selling meat pies at the Melbourne Cricket Ground. This offer is still on the table, the sources said. PEP has added a second proposal, consisting of the previous offer plus a promised cash return after the sale of a non-core asset that would take the deal value above A$2.80 a share, said the sources. Shares of Spotless last traded up 2.5 percent to A$2.46 on Monday, after the firm said it was still talking with PEP. (Reporting by Victoria Thieberger) Link this Share this Digg this Email Reprints

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