Australia’s Spotless Group Rejects Buyout Offer

Melbourne-based cleaning service company Spotless Group has rejected a conditional 657 million Australian dollar ($705 million) bid from private equity firm Blackstone Group, Reuters reported. The offer of $2.68 per share was deemed too low by company directors, Reuters said.

(Reuters) – Spotless Group has rejected a conditional A$657 million bid from a private equity firm, the Australian cleaning services company said on Monday.

Spotless said its directors had considered the A$2.50 a share proposal and “believe that it does not reflect the fundamental value of the company in the context of a change of control.”

(Reporting by Sonali Paul)