Downer EDI's $1.3 billlion takeover offer for Spotless Group has closed with the engineering services firm holding an 87.8 per cent controlling stake.
Downer, which launched its hostile takeover bid in March, on Tuesday said its offer for Spotless had not been extended past Monday's share market close.
It fell just short of the 90 per cent needed to trigger a compulsory acquisition.
Having consistently resisted Downer's overtures, the Spotless board caved in July and reluctantly recommended shareholders accept Downer's offer.
The turnaround came after Downer achieved a 62.3 per cent stake.
Downer has offered $1.15 for each Spotless share, which was their price ahead of Tuesday's market open.
The Spotless leadership had contended that the bid undervalued the facilities management company.
