MELBOURNE, April 24 Pacific Equity Partners
(PEP) has made a second takeover offer for Spotless Group
that would be worth about A$745 million ($766.7
million), closer to the amount that the business services
company has been seeking, sources with knowledge of the deal
The buyout firm's first offer is an unchanged full cash
offer at A$2.68 ($2.76) a share. The second is the same cash
offer plus a promised cash return after the sale of a non core
asset that would take the deal value above A$2.8 a share, said
the sources, who declined to be named because the talks are
One of the sources said the second option, which entails
selling the underperforming coat hanger business Braiform, would
be worth at least around A$745 million.
PEP declined to comment.
Spotless, which has been in talks with PEP on a deal for
five months, has maintained it will not back an offer below
A$743 million, or A$2.80 a share.
($1 = 0.9717 Australian dollars)
(Reporting by Victoria Thieberger & Narayanan Somasundaram;
Editing by Chris Gallagher)