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Downer EDI Ltd (DOW.AX)

DOW.AX on Australia Stock Exchange

24 May 2017
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Latest Key Developments (Source: Significant Developments)

Australian Government Takeovers Panel responds to application from Downer EDI Services
Tuesday, 23 May 2017 03:20am EDT 

May 23 (Reuters) - Australian Government Takeovers Panel::Considers undertakings sufficiently address concerns & it's not against public interest to accept undertakings.Declined to make declaration of unacceptable circumstances in response to application on 3 May from Downer Edi Services Pty.Panel decided not to make a declaration of unacceptable circumstances.  Full Article

Downer's offer for Spotless freed from regulatory approvals conditions
Wednesday, 10 May 2017 08:22pm EDT 

May 11 (Reuters) - Downer Edi Ltd ::Downer's offer for spotless freed from regulatory approvals conditions.Downer has now received consent from New Zealand Overseas Investment Office with respect to offer.  Full Article

Australian Government Takeovers Panel says it received application from Downer Services in relation to the affairs of Spotless Group
Thursday, 4 May 2017 12:17am EDT 

May 4 (Reuters) - Australian Government Takeovers Panel-:Panel received application from downer services in relation to the affairs of spotless group.A sitting panel has not been appointed at this stage, no decision has been made whether to conduct proceedings."The panel makes no comment on the merits of the application".Applicant submits that the target’s statement contains a number of information deficiencies.Applicant sought final orders for spotless to provide supplementary target’s statement remedying submitted deficiencies.  Full Article

Spotless Group says directors recommend shareholders reject Downer offer
Sunday, 23 Apr 2017 07:38pm EDT 

April 24 (Reuters) - Spotless Group Holdings Ltd -:Spotless directors recommend shareholders reject dow offer.Directors advise that they unanimously recommend that shareholders reject offer..Directors believe "offer is hostile, highly conditional and not certain to proceed".  Full Article

Spotless Group reiterates take no action regarding Downer's takeover offer
Wednesday, 12 Apr 2017 03:04am EDT 

Spotless Group Holdings Ltd : Notes that Downer has dispatched a replacement bidder's statement to Spotless shareholders .Reiterates its advice to take no action in relation to Downer EDI Limited's unsolicited highly conditional takeover offer for company.  Full Article

Spotless Group provides update on unsolicited takeover offer from Downer
Sunday, 2 Apr 2017 08:25pm EDT 

Spotless Group Holdings Ltd : Update on unsolicited takeover offer from Downer . Board of spotless is currently undertaking a detailed review and evaluation of offer for shareholders .Board reiterates that shareholders should take no action at this stage, and in assessing offer.  Full Article

Australian government takeovers panel receives application from Spotless Group in relation to its affairs
Friday, 31 Mar 2017 01:59am EDT 

Australian government takeovers panel: Received an application from Spotless Group Holdings Limited (spotless) in relation to its affairs .A sitting panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.  Full Article

Downer Edi expects to deliver profit of NZ $175 million for financial year 2017
Thursday, 23 Mar 2017 04:16pm EDT 

Downer Edi Ltd :Expects to deliver underlying net profit after tax of at least NZ$175 million for 2017 financial year.  Full Article

Spotless Group responds to announcement from Downer EDI
Monday, 20 Mar 2017 07:46pm EDT 

Spotless Group Holdings Ltd : Notes announcement from downer edi regarding its 19.9% interest in spotless and its unsolicited conditional takeover offer for spotless at $1.15 per share . Board of spotless advises shareholders to take no action in respect of Downer's takeover offer. . "No change in spotless' earnings guidance provided in february 2017" .Spotless has engaged Citi as its financial adviser and Gilbert + Tobin as its legal adviser in relation to proposal.  Full Article

Downer EDI offers to acquire Spotless for A$1.15 per share
Monday, 20 Mar 2017 06:24pm EDT 

Downer Edi Ltd : Downer equity raising to support takeover for Spotless . Offer to acquire all of the issued share capital of Spotless not already owned by Downer by way of an offmarket takeover . Offer for all cash consideration of $1.15 per share . Downer has an interest equivalent to 19.99% in the issued share capital of Spotless . Deal EPS accretive on a pro forma FY17 NPAT before amortisation basis . "Combination of the two businesses is expected to deliver pre-tax cost synergies of approximately $20-$40 million per annum over time" . "Board believes that this is an attractive offer to Spotless shareholders" . No reduction to the FY17 earnings guidance provided by Spotless in February 2017 of net profit after tax (pre-exceptional items) of $80-$90 million . Takeover offer will be funded through combination of proceeds from entitlement offer and committed debt facilities . Entitlement offer is expected to raise approximately $1,011 million. .Announces entitlement offer comprises a fully underwritten 2 for 5 accelerated pro rata renounceable entitlement offer.  Full Article

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BRIEF-Downer EDI extends offer period for Spotless

* refers to its takeover offer through wholly-owned subsidiary Downer EDI Services Pty for all of the issued shares in Spotless