(Alliance News) - Augean PLC on Wednesday said it has agreed the terms of an increased recommended all cash offer by Antwerp Management Ltd at a price of 340 pence per Augean share.
The Augean directors have therefore withdrawn their recommendation of the Eleia Ltd offer. At the end of August, Eleia, formed by investment funds managed by London-based Ancala Partners LLP and Toronto, Canada-headquartered Fiera Infrastructure Inc, have offered 325 pence per Augean share, valuing the AIM listing at GBP341.2 million.
The move follows an offer for Augean by Antwerp Management at a price of 280p per Augean share made at the end of July, with a contingent entitlement of up to a further 20p in loan notes.
The increased Antwerp Management offer values Augean at GBP356.9 million on a fully diluted basis. Augean shares closed flat in London on Wednesday at 335.00 pence each, giving it a market capitalisation of GBP351.7 million.
The hazardous waste treatment and disposal company said the only approvals required by Antwerp Management prior to completion of the increased offer are Augean shareholder approvals and sanction by the court.
Antwerp Management is a newly-formed company indirectly owned by funds managed or advised by Morgan Stanley Infrastructure Inc, an indirect subsidiary of Morgan Stanley.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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