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Spotless shares spike on PEP deal
Monday, 30 April 2012 13:41
Shares in professional services company Spotless Group Ltd spiked after the company backed Private Equity Partners' (PEP) $2.71 per share bid for the company.
At 1105 AEST Spotless jumped out of a trading suspension, rising 4.87 per cent to $2.58 against a benchmark index rise of 0.51 per cent.
In a statement to the market, Spotless said it had entered into a scheme implementation agreement (SIA) with Pacific Industrial Services, an entity owned by funds managed or advised by PEP, to acquire 100 per cent of the company's ordinary shares.