MELBOURNE, March 21 (Reuters) - Downer EDI Ltd (DOW) launched a bid for Spotless Group (SPO) on Tuesday valuing the cleaning and catering firm at A$1.27 billion ($981 million), in a move to expand its services beyond engineering and construction.
Downer is offering A$1.15 a share in cash for stock it does not already own in Spotless, a 59 percent premium to its close on Monday.
Downer, which acquired a 19.9 percent stake in its target in a raid late on Monday, said it would fund the deal mostly through the sale of A$1 billion worth of new shares to its existing shareholders.
"The acquisition of Spotless is a significant investment in Downer's strategy to expand its capabilities and strengthen its position as a leading provider of services to customers in Australia and New Zealand," Downer Chief Executive Grant Fenn said in a statement. ($1 = 1.2940 Australian dollars)
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Last
$7.26 |
Change
0.130(1.82%) |
Mkt cap ! $4.875B | |||
| Open | High | Low | Value | Volume |
| $7.18 | $7.31 | $7.16 | $49.98M | 6.903M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 3037 | $7.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.30 | 33699 | 4 |
View Market Depth
| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| DOW (ASX) Chart |