Reuters: Private Equity: Australia's Spotless bows to A$720 mln bid from PEP -source

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Australia's Spotless bows to A$720 mln bid from PEP -source Apr 29th 2012, 22:25 MELBOURNE, April 30 | Sun Apr 29, 2012 6:25pm EDT MELBOURNE, April 30 (Reuters) - Australian business services firm Spotless Group is set to announce it has agreed to a A$720 million ($752 million)takeover offer from Pacific Equity Partners, a source close to the process said on Monday. The source confirmed a newspaper report that the Spotless board had caved in to the buyout firm's offer of A$2.71 a share, below the A$2.80 minimum offer that the company that supplies meat pies to the Melbourne Cricket Ground wanted. Spotless shares last traded at A$2.46. ($1 = 0.9577 Australian dollars) (Reporting by Sonali Paul)

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