The independent directors of Taylors Group Ltd today repeated their advice to shareholders not to sell their shares until the independent directors have been able to advise on the merits of a proposed conditional takeover offer from Spotless Services (NZ) Ltd, a wholly owned subsidiary of Spotless Group Ltd of Australia.

Spotless owns 66.01% of the Taylors shares on issue and has advised its intention of making a conditional cash offer for all of the remaining shares. It is expected the formal offer will be mailed to shareholders on September 21.

Taylors has appointed an independent committee of directors to advise shareholders on the offer, consisting of Trevor Kerr (chair) and Paul East.

The independent committee has commissioned an independent appraisal of the offer from Grant Samuel , which it expects to receive in mid-September, and has also appointed Russell McVeagh as an advisor.

The committee advises shareholders not to sell their shares in the meantime, pending further advice from the committee after they have studied the Grant Samuel report.

Taylors supplies laundry and related services to the healthcare, hospitality and industrial/commercial sectors in New Zealand.