The cash and stock bid values Programmed shares at as much as $6.11 apiece, 35% higher than yesterday''s closing price. Following 8.3% loss in Spotless, the offer was worth $5.73.

Spotless intends to charge its growth with Programmed 6,000 customers for building maintenance in Australia, New Zealand and the U.K. Chief executive-designate Jo Farnik expects at least $18 million beginning second year after the merger.

Spotless believes that after its talks and agreement with shareholders of Programmed, it has secured support from 13.2% of holders.

Programmed stock rose 15%.