Downer closes Spotless Offer with 87.8% holding

Company News

by David Murdoch

Downer EDI (ASX:DOW) has finally closed its takeover offer of Spotless Group Holdings (ASX:SPO) finishing with a controlling stake of 87.8 per cent in the company.

The unconditional takeover of the logistics firm, finished just shy of the compulsory acquisition benchmark of 90 per cent.

It brings to an end months of offer extensions after the Australian Government’s takeover panel approved the move back in May.

It also comes just a week after Spotless Group appointed a new CEO and Managing Director Dana Nelson.

Shares in Spotless Group (ASX:SPO) last traded 0.29 per cent higher to $6.87.