Downer EDI Ltd (DOW AU) 's A$1.011bn Entitlement Offer - announced simultaneously with its Indicative Takeover Offer for Spotless Group Holdings Ltd (SPO AU) on Tuesday - saw A$268mm of the institutional tranche not taken up. The underwriter started its Institutional Shortfall Bookbuild yesterday and finished today with the AFR suggesting that the bookbuild could not find sufficient investor interest to cover the shares even at the rights price of A$5.95/share (against the last...(continued)

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