Spotless Group Limited (ASX:SPT) has received a sweetened takeover bid from its suitor, private equity fund Pacific Equity Partners.
The new offer values the cleaning, catering and maintenance services provider at around $711 million, increasing from $698 million.
Pacific Equity Partners’ revised proposal is at an indicative price of $2.68 per Spotless share, increasing from $2.63 per share.
Spotless rejected the initial proposal last month, claiming it was too low.
The company says it is now in talks with its suitor and will offer Pacific Equity Partners a management presentation to address due diligence matters.
Spotless Group posted a net profit of $42.8 million in fiscal 2011.
