Spotless Group Holdings (ASX:SPO)
is continuing to recommend its shareholders reject the current takeover offer from infrastructure company Downer EDI Limited (ASX:DOW)
In an Investor Update released today, the company says that the offer of $1.15 per share does not represent adequate value for Spotless.
Spotless says they are pursuing a clear strategy over 18 months for earnings growth and the company is at an inflection point.
Contract renewal rates have already improved with $330 million of revenue signed in March 2017.
The company has re-affirmed it will do better over the medium term by retaining control.
Shares in Spotless Group Holdings last traded 0.27% lower at $1.12.