Spotless tells investors to reject Downer offer

Company News

by Jessica Amir

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.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.