UPDATE 1-Australia's Downer launches $1 bln bid for struggling Spotless Group
March 20, 2017 at 20:02 PM EDT
SYDNEY, March 21 (Reuters) - Australia's Downer EDI Ltd on Tuesday offered to buy cleaner-caterer Spotless Group Holdings Ltd for A$1.27 billion ($982 million), almost a third below the price it was listed at after a private equity turnaround three years ago.