DOW 2.36% $5.86 downer edi limited

MELBOURNE, March 21 (Reuters) - Downer EDI Ltd (DOW) launched a...

  1. 68,069 Posts.
    lightbulb Created with Sketch. 460

    MELBOURNE, March 21 (Reuters) - Downer EDI Ltd (DOW) launched a bid for Spotless Group (SPO) on Tuesday valuing the cleaning and catering firm at A$1.27 billion ($981 million), in a move to expand its services beyond engineering and construction.

    Downer is offering A$1.15 a share in cash for stock it does not already own in Spotless, a 59 percent premium to its close on Monday.

    Downer, which acquired a 19.9 percent stake in its target in a raid late on Monday, said it would fund the deal mostly through the sale of A$1 billion worth of new shares to its existing shareholders.

    "The acquisition of Spotless is a significant investment in Downer's strategy to expand its capabilities and strengthen its position as a leading provider of services to customers in Australia and New Zealand," Downer Chief Executive Grant Fenn said in a statement. ($1 = 1.2940 Australian dollars)

 
watchlist Created with Sketch. Add DOW (ASX) to my watchlist
(20min delay)
Last
$5.86
Change
0.135(2.36%)
Mkt cap ! $3.626B
Open High Low Value Volume
$5.78 $5.87 $5.77 $580.1K 99.57K

Buyers (Bids)

No. Vol. Price($)
20 3891 $5.85
 

Sellers (Offers)

Price($) Vol. No.
$5.86 588 6
View Market Depth
Last trade - 11.37am 22/11/2024 (20 minute delay) ?
DOW (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.