Reuters: Private Equity: UPDATE 1-Australia's Spotless bows to A$720 mln bid from PEP -source

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UPDATE 1-Australia's Spotless bows to A$720 mln bid from PEP -source Apr 29th 2012, 22:52 Sun Apr 29, 2012 6:52pm EDT (Adds details of offer, trading halt) 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 the Spotless board had accepted the buyout firm's offer of A$2.71 a share, below the A$2.80 minimum offer sought by the company. Pacific Equity Partners, Australia's largest buyout firm, had previously 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 Talks about a deal have dragged on for five months, and trading in Spotless shares has been halted since last Tuesday. On Friday, Spotless asked for the trading halt to be extended, saying it hoped to make an announcement about the talks by early Monday. Spotless shares last traded at A$2.46. ($1 = 0.9577 Australian dollars) (Reporting by Sonali Paul; Editing by John Mair) Link this Share this Digg this Email Reprints

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