Spotless Group says it won't be taking any action on a conditional $A650 million bid to buy the firm.
The Australia-based company, which is listed in New Zealand, says a private equity firm has offered to buy 100% of the firm for an indicative price of $2.50 a share.
The company's shares last traded at $3.87.
Spotless says the proposal does not reflect the fundamental value of the company.
