Saving face at Spotless

Private equity suitor PEP has finally secured a deal with Spotless, thanks largely to shareholder pressure on the target's board.

PORTFOLIO POINT: Spotless has finally recommended a bid from private equity suitor PEP, largely due to shareholder pressure on its board.

Spotless (SPT). A deal has finally been done between Spotless and its private equity suitor PEP, and that’s good news. Good news for shareholders, and anyone who bought in around $2.40, that is, but this is certainly no victory for the board.

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