Australian private equity fund Pacific Equity Partners is planning a takeover bid worth as much as A$700 million ($714.6 million)for industrial services firm Spotless Group, The Australian Financial Review said on Tuesday. The paper said the private equity firm was finalising details of its proposal for the Melbourne-based group and could inform the Spotless board and management as early as Wednesday.The board of Spotless rejected a A$657 million bid from Blackstone Group LP in May. Spotless said at the time its directors had considered a A$2.50 per share offer did not reflect the fundamental value of the company..Spotless shares ended Monday at A$2.35 giving the firm a market value of A$624 million.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.28% or $0.04/share to $14.43. In the past year, the shares have traded as low as $11.22 and as high as $19.63. On average, 4629410 shares of BX exchange hands on a given day and today's volume is recorded at 2781795.
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