Spotless bid gets extension

ENGINEERING group Downer EDI has extended its $1.26 billion takeover bid for cleaning and catering company Spotless by two weeks, to June 14.

The infrastructure and mining services company did not provide any reason for the extension, but reiterated that the offer was final and urged Spotless shareholders to accept it.

Earlier this month, the Spotless board rejected Downer’s offer of $1.15 for each share, saying it did not represent adequate value for shareholders.

Downer said the offer would now close at 7pm on June 14, unless it was “further extended” under the rules of the corporations act.

Though best known for its role as caterer at the MCG, Spotless operates in many markets and has maintenance and engineering services operations that are potentially attractive to Downer.