Ann: Spotless lodges Target's Statement - REJECT Downer Offer, page-8

Is DOW bid unconditional? Or they stll need 90 percent to pay holders anything?

If the later they will have no luck. They are better offering shares in DOW plus scrip. Or scrip so holders can have an opportunity to rollover their losses into DOW.

Say at $1.25-1.50 in DOW shares. Holders get tax loss relief and can share in upside. Maybe need owners have better strategy. Or at least eliminate ASX, CEO and BOD costs straight off bat.