Australian services firm Spotless Group denied on Monday it had received a takeover approach from private equity firm Pacific Equity Partners, which a media report said could be worth as much as A$700 million ($715 million).The company, which just six months ago rejected a conditional A$657 million takeover bid from U.S. takeover giant Blackstone Group, has seen its shares push 17 percent higher in the past week on speculation of an offer.The Australian Financial Review said in an unsourced report on Tuesday that PEP was finalising details of its proposal for the Melbourne-based group and could inform the Spotless board and management as early as Wednesday.However, Pacific Equity Partners senior executives are tied up with the firm's annual presentations to investors, which continue on Tuesday at the conference venue at Sydney's Taronga Zoo.
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 2783395.
Source
