Downer to revise bidder’s statement as Takeovers Panel declines Spotless application
( April 10, 2017, 08:00 GMT | Official Statement) -- MLex Summary: Australia's Takeovers Panel has declined to conduct proceedings on an off-market A$1.2 billion takeover bid by Downer EDI Services Pty Ltd for Spotless Group Holdings Ltd after the latter complained that Downer's bidder's statement was defective, misleading and deceptive. While the the panel concluded that there was no reasonable prospect that it would make a declaration of unacceptable circumstances, Downer has agreed to provide additional disclosure in a new bidder's statement, particularly on withdrawal rights for accepting Spotless shareholders while the bid is conditional.The regulator's statement is attached....
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