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Pacific Equity Offers $709M for Spotless Group

Pacific Equity Partners has offered to pay $709 million for Australian services firm Spotless Group, Reuters reported. Wednesday. The company reportedly received an offer after the market closed Wednesday.

(Reuters) – Australian services firm Spotless Group has received a A$698 million ($709 million) takeover offer from buyout firm Pacific Equity Partners, two sources said on Wednesday.

“Spotless received a proposal from PEP after the market closed today,” an external spokesman for Spotless told Reuters, adding that the company was considering its options.

Pacific Equity Partners declined to comment.

The offer was pitched at A$2.63 a share, two sources said. Spotless shares closed on Wednesday at A$2.35. ($1 = 0.984 Australian Dollars) (Reporting by Sonali Paul; Editing by Ed Davies)