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Morgan Stanley submits new offer for UK's Augean plc

10.09.2021 − 

Morgan Stanley Infrastructure Partners (MSIP) has improved its offer for Augean plc, submitting what is currently the highest bid for the British hazardous waste specialist. MSIP's counteroffer of 340 pence per share comes in £0.15 ahead of the offer made by Ancala Partners and Fiera Limited late last month. According to Augean, this latest tender would value the company at approximately £356m, equivalent to around €415m.

MSIP had initially offered 280 pence per share at the end of July and made a further payment of up to 20 pence per share conditional on the resolution of litigation involving HMRC and the assessment of landfill taxes. Fiera and Ancala's joint bid was announced on 26 August.

Augean's directors said on 8 September that they consider the increased offer made by MSIP "fair and reasonable" and intend to recommend that the company's shareholders vote in favour of this new acquisition scheme at upcoming court and general meetings. They officially withdrew their recommendation for Ancala/Fiera offer.

Augean activities include the management of bottom and fly ash from waste to energy facilities and biomass power plants. In 2020, the company achieved annual revenues of £77m excluding intra-segment trading and landfill tax, and generated a net profit of £13m.

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