Spotless Group, an Australian services firm, has turned down a $709 million takeover bid from Australasian private equity firm Pacific Equity Partners, Reuters reports. The amount offered was too little, according to Spotless, which provides cleaning, security and catering services, among others. Spotless Group is closely held with 61 percent of its equity owned by 10 fund managers.
The takeover offer is supported by financing from banks including Citigroup, Investec, Australia and New Zealand Banking Group and HSBC Holdings. Citigroup and Investec are advising buyout firm Pacific Equity Partners whereas Goldman Sachs and Clayton Utz are advisers to Spotless.
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