Industrial services company Spotless is still negotiating with its private equity suitor five months after a first bid was made, and there remains no guarantee a deal will be done.

Pacific Equity Partners (PEP) has completed its due diligence on Spotless, which was granted despite the Spotless board demanding a higher offer price.

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 has indicated it wants the offer increased by about $32 million.

Talks between the parties have continued since PEP had a chance to look over the Spotless accounts, Spotless said on Monday.

“Spotless and PEP have been in ongoing dialogue during this period and continue to be in discussions to see whether a proposal could be put to Spotless shareholders which can be recommended by the Spotless board,” the company said in a statement.

“These discussions are yet to reach a conclusion.

“Shareholders should note that there is no certainty that any agreement between Spotless and PEP will be reached as a result of these ongoing discussions.”

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

Spotless shares gained six cents to $2.46.