Downer Puts in Bid to Buy Spotless
 
Downer Group, North Ryde, New South Wales, Australia, recently launched a $1.27 billion off-market cash takeover bid for Spotless Group, Melbourne, Victoria, Australia. Downer is offering $1.15 a share for Spotless to secure the 80% stake in the business that it doesn’t already control, according to news reports. Downer CEO Grant Fenn said the acquisition was 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. Spotless Chairman Garry Hounsell said the company’s ...