Facility services company Spotless Group Ltd
(ASX:SPT) has given formal notice to New Zealand’s Taylors Group of its intention to make a cash offer for all the shares in Taylors that it does not already own.
Spotless says it is the largest shareholder in Taylors and owns 66.01 per cent of the shares on issue.
The company is intending to offer Taylors shareholders NZ$2.08 cash per Taylors share, plus they will remain entitled to receive the NZ$0.07 per share fully imputed final dividend declared on August 19.
Spotless says in giving its notice of takeover offer it is seeking a unanimous recommendation from the independent directors of Taylors and that it does not expect to make an offer if such a recommendation is not made.
Taylors independent directors have advised that shareholders take no action until they have studied the report commissioned by Grant Samuel.
Spotless Group recorded net profit of $42.7 million in 2009.
