Spotless raises offer

Australian-listed Spotless Group has lifted its bid for the third of shares it does not already own in laundry and related services company Taylors Group.

Taylors said yesterday Spotless would now be offering $2.25 a share, after last month announcing a price of $2.08.

Taylors shares closed at $2.24 yesterday. Taylors' committee of independent directors - Trevor Kerr and Paul East - were recommending shareholders accept the revised offer.

The $2.25 a share was about 12.5 per cent above the closing share price the day before the intention to make an offer was announced, Kerr said.

- NZPA