Spotless boss spurns offer

THE board of cleaning and catering company Spotless has rejected mining services group Downer EDI’s $ 1.26 billion takeover bid, describing it as hostile and highly conditional. Spotless said yesterday the $ 1.15 per share offer was opportunistic, timed to take advantage of Spotless’s historically low share price and did not represent adequate value for shareholders. It described the bid as “hostile, highly conditional and not certain to proceed”. “The Spotless board is unwavering in its belief in the fundamental strengths of the business,” Spotless chairman Garry Hounsell said. He said the company’s turnaround strategy was already delivering results. The board recommends shareholders reject the offer.