Biffa Moves Closer to Takeover As Due Diligence Kicks in Ahead of New Offer ; Waste Management

Birmingham Post › December 20, 2007

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Summary

Waste management group Biffa - demerged from Birmingham-based Severn Trent last year - yesterday moved closer to a takeover after it said it would be prepared to accept a pounds 1.22 billion private equity offer.

It has given buy-out firms Montagu and Hg Capital the green light to carry out due diligence work, ahead of a potential offer worth 350p a share. Biffa rejected two earlier approaches worth 330p a share, but yesterday said its board backed the new price and additional pledge from the bidders to retain the company's half- year dividend payout of 2.3p a share.

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Biffa Moves Closer to Takeover As Due Diligence Kicks in Ahead of New Offer ; Waste Management

The company said the proposal was subject to a number of pre- conditions, incl...

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