Downer EDI
(ASX:DOW) has dispatched a Replacement Bidder’s Statement to the shareholders of Spotless Group Holdings Ltd
(ASX:SPO).
This comes after the Takeovers Panel said it would not halt Downer’s $1.2 billion takeover bid of Spotless.
Spotless had asked the Panel to delay the dispatch of Downer’s bidder’s statement – on the basis that Downer allegedly made “misleading and deceptive” statements. But the Panel said it would not “conduct proceedings” on this matter.
However, Downer agreed to provide additional disclosure in its replacement bidder’s statement. In particular, it will clarify how Spotless shareholders who accept the bid are able to withdraw their acceptance while the bid is still conditional.
The Board of Spotless has advised its shareholders to "take no action" in relation to Downer’s “unsolicited” and “highly conditional” takeover offer.
Yesterday, Spotless shares closed 0.91% lower at $1.08, and Downer shares closed steady at $5.61.
