The $700 million-plus takeover of Spotless Group by a private equity group has been given final legal approval after the Supreme Court of Victoria gave the deal its thumbs up.
Spotless told the Australian Securities Exchange today that the court had approved the scheme of arrangement under which Pacific Equity Partner's bid vehicle would acquire 100 per cent of the issued shares in the target.
The offer is for $2.62 a share cash plus a four-cents-a-share fully franked special dividend.
Spotless shares will cease trading from the close of trading on the ASX today.
The company has lodged a copy of the Victorian court order with the Australian Securities and Investments Commission.