Spotless has capitulated to Downer EDI, with its board recommending that shareholders accept the contractor's $1.2 billion hostile takeover.
The board's change of heart came after Downer's stake in Spotless rose to 67.3 per cent. The board changed its recommendation to "accept" from "reject" following a meeting on Monday.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
