- Biffa
- 27 September 2022 08:31:42
Source: Sharecast
Under the terms of the deal, ECP will pay 410p per Biffa share. This represents a premium of 28% to the closing share price on 6 June, which was the last business day before the start of the offer period.
Biffa announced on 7 June that it had received a series of unsolicited and indicative proposals from affiliates of ECP. It said at the time that following a period of discussion and negotiation, ECP had put forward a proposal of 445p per share in cash.
Biffa chair Ken Lever said on Tuesday that although the agreed price is lower, "the offer represents a compelling opportunity, particularly in a weakening economic environment, for shareholders to realise, in cash and with certainty, the potential for future value creation".
"ECP is an experienced investor in environmental infrastructure and sustainability assets and offers a supportive environment to accelerate the group's further development and growth as a leading enabler of the circular economy," Lever said.
At 0830 BST, Biffa shares were up 28% at 407.80p.