The path is now clear for British waste company Viridor to acquire Quantafuel, with its chemical and mechanical plastic recycling activities. According to a stock exchange announcement issued on Monday, Viridor has decided to waive the minimum acceptance condition of 90 per cent of Quantafuel's share capital that it had placed on itsoffer. The company now plans to proceed with its takeover of Quantafuel at the acceptance level prevailing when the final extension to its offer period ends on 28 April. As of the end of the previous offer extension period on 21 April, its offer of NOK6.38 per share had been accepted by the holders of just under 80 per cent of Quantafuel's share capital.
Viridor, which is owned by the investment firm Kohlberg Kravis Roberts & Co. (KKR), made its offer, equivalent to €96.5m for all of Quantafuel's share capital, on 28 February. Acceoptance of the offer was recommended by the chemical recycling company's management as well as by its two largest shareholders at that time, Kirkbi, the family-owned holding company and investment firm behind the Lego brand, and German chemicals group BASF. Quantafuel said at that time that the company was in "in a challenging financial situation, with a large short-term liquidity shortfall"....
