(Alliance News) - Biffa PLC on Tuesday said it extended the deadline by which Energy Capital Partners LLC was to make a firm offer for the company.
ECP requested that Biffa seek an extension, and Biffa agreed to extend the deadline to August 2 from July 5. This is now when ECP must announce a firm intention to make an offer for the company, or say it will not.
The FTSE 250 firm added there could be no certainty to whether an offer would be made or the terms of any offer, if made. It said it would make a further announcement when appropriate.
The waste management company received the takeover proposal at the beginning of June. ECP's proposal was priced at 445 pence per Biffa share in cash, valuing the company at around GBP1.36 billion.
The offer represented a 37% premium to Biffa's closing price of 325p on June 6.
Shares in Biffa were down 0.3% at 375.20 pence on Tuesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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