Shares in Australian services firm Spotless Group jumped 4 percent on Tuesday after a report that private equity firm Pacific Equity Partners was preparing a takeover offer worth as much as A$700 million ($715 million).The share rally on Tuesday took the week's gains to 22 percent on speculation of a fresh offer from private equity, just six months after a conditional A$657 million bid from U.S. takeover giant Blackstone Group was rejected.Spotless, which provides services including cleaning, security, laundry and catering, said in a two-line statement it had not received any takeover approach.Private equity firms are sitting on billions of unspent capital raised during the boom years of 2006 and 2007 and Pacific Equity Partners still has around A$2 billion left to invest from its 2007 vintage A$4 billion fund, the largest raised to date in Australia.
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.
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