Infrastructure and mining services company Downer EDI says takeover target cleaning and catering firm Spotless Group hasn't provided it with any reason to lift its $1.26 billion takeover bid.
The Spotless board rejected the offer last week as inadequate, but Downer said on Wednesday it had reviewed its $1.15 per share offer and that it was compelling for Spotless shareholders.
"The target's statement did not provide Downer with any reason to increase the offer price," Downer said in a statement to the ASX.
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