Deals
Downer Makes A$1.26 Billion Takeover Offer for Spotless
- Deal to be funded with A$1.01 billion capital raising
- Takeover continues diversification from mining services
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Downer EDI Ltd., the Australian engineering and infrastructure management company, offered to buy Spotless Group Holdings Ltd. in a cash deal valuing the company at A$1.26 billion ($974 million) as it continues to diversify from resources following the mining-investment boom.
Downer offered A$1.15 per share for the Melbourne-based cleaning and catering services firm, according to a statement Tuesday, 59 percent more than Monday’s close. The company secured a 19.99 percent stake in Spotless late yesterday in a transaction arranged by UBS Group AG.