Shares in takeover target Spotless have been placed in a trading halt amid speculation that Pacific Equity Partners (PEP) has made a revised offer for the catering and cleaning company.
Spotless requested a trading halt on Tuesday, ahead of a pending announcement about its talks with PEP, a private equity group and potential suitor.
Spotless asked the Australian Securities Exchange that the trading halt remain until Friday or until it was ready to make an announcement about the talks.
Meanwhile, Reuters reported that PEP had lifted the value of its takeover offer from $711 million to above $743 million.
On January 9, Spotless said it would only support an offer from PEP if its bid were boosted to $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 on the media reports of a revised offer from PEP.
Spotless has been negotiating with PEP for five months, since a first bid was made.
PEP has completed its due diligence on Spotless.
The private equity firm made a hostile takeover bid for Spotless in November 2011 and increased the value of the offer to about $711 million in December.
Spotless last traded at their closing price of $2.46 on Monday.