Reuters: Private Equity: UPDATE 1-Australia's Spotless to give update on $734 mln bid

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UPDATE 1-Australia's Spotless to give update on $734 mln bid Apr 23rd 2012, 23:23 Mon Apr 23, 2012 7:23pm EDT (Adds details) MELBOURNE, April 24 (Reuters) - Australian business services company Spotless Group asked for trading in its shares to be halted as it prepares an announcement on the status of talks with suitor Pacific Equity Partners (PEP) in a $734 million deal that has dragged out for five months. PEP, Australia's largest buyout firm, has offered A$711 million for the cleaning and catering services group, whose contracts include selling meat pies at the Melbourne Cricket Ground. On Monday, Spotless said PEP had finished looking at Spotless's books and had secured financing for a deal, but the two sides were still discussing a deal that could win board approval. The Australian Financial Review reported on Tuesday that Spotless is considering two takeover proposals from PEP. Under one plan, PEP would sell the underperforming coat hanger business Braiform and return the proceeds to shareholders, the newspaper said. The second offer would confirm PEP's previous A$711 million offer, subject to board approval. On Monday, shares in Spotless Group advanced 2.5 percent to A$2.46 after the firm said it was still talking with PEP. (Reporting by Victoria Thieberger; Editing by Chris Gallagher) Link this Share this Digg this Email Reprints

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