Industrial services company Spotless will unveil the outcome of its talks with its private equity suitor on Monday.

Spotless shares have been suspended from trade until the company provides an update, expected before trading commences on April 30.

Pacific Equity Partners (PEP) made a hostile takeover bid for Spotless in November 2011, and increased the value of the offer to about $711 million in December.

Spotless wanted a higher offer but allowed PEP to conduct due diligence, and the two parties have been in negotiations since.

Spotless provides cleaning, catering, laundry and maintenance services in more than 30 countries.

It said earlier this week there was no certainty that any agreement would be reached, but a day later there were reports PEP had increased its offer.

According to the reports, PEP had lifted the value of its offer to above $743 million.

The revised PEP proposal reportedly retains an offer of $2.68 per Spotless share, plus a cash return following the sale of a non-core asset that would lift the value of the offer above $2.80 per share.

A spokesman for Spotless declined to comment.

Spotless’ shares last traded at $2.46.