21 Oct 2009

Another extension in laundry takeover offer

11:57 am on 21 October 2009

Spotless Services has given shareholders of Taylors another week to consider a takeover offer.

Independent directors of the laundry services company have recommended shareholders accept an increased offer of $2.25 per share.

The deadline has been extended for a second time and now closes on 12 November.

Spotless has acceptances from investors that lifts its stake to almost 84%.

Under takeover rules, Spotless can compulsorily acquire the remaining shares if it obtains control of 90% of Taylors stock.