Shares in facilities management firm Spotless Group have lifted slightly after engineering and maintenance firm Downer EDI declared its takeover bid for Spotless unconditional.
Shares in Spotless were 1.25 cents, or 1.1 per cent, higher at $1.1525 at 1040 AEST.
Downer on Monday waived the defeating conditions to its offer and introduced accelerated payment terms in a move to boost its stake in Spotless, which stood at 36.44 per cent at the end of last week.
Downer has maintained a June 29 close for its $1.15 per share offer, which is final and values Spotless at $1.3 billion.
The engineering company urged Spotless shareholders to accept its offer without delay, saying it provided certain and compelling value.
It also said that even though Spotless believes its strategy to improve performance is showing early signs of success, the company's forecast net profit before one-off items for 2018 would still be materially lower than its 2016 net profit.
"If the offer is unsuccessful and no superior proposal emerges, the Spotless share price is likely to trade at a substantial discount to the offer," Downer said in a statement.
Downer last week said it would waive the defeating conditions and introduce accelerated payment terms if it achieved a 50 per cent stake in Spotless by June 16 but reserved its right to waive the defeating conditions at any time.
Shares in Downer were 10 cents, or 1.65 per cent, higher at $6.15 at 1040 AEST.
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