Private equity firm Energy Capital Partners (ECP) has extended a series of offers covering all Biffa's share capital, the British waste management company announced on Tuesday. According to Biffa, the price offered by ECP was 445 pence per share, a premium of 37 per cent over the previous day's closing price of 325 pence. The offer is widely reported to value Biffa at £1.36bn (ca. €1.59bn).
In the announcement, the British concern's board said it would be minded to recommend the sale should a firm offer on the same financial terms follow the indicative offers ECP made on behalf of funds and investment vehicles it advises or manages.
In light of the proposal, Biffa has postponed the release of its full-year results for 2021/22 from 16 to 28 June. Under the UK's Takeover Code, ECP will have to "put up or shut up", that is, to announce whether it intends to make an offer, by 5 PM on 5 July unless granted an extension. The offer remains subject to a number of customary pre-conditions.
This article was updated on 15.06.2022...