Eleia seals Augean takeover with £390m bid
By Abigail Townsend
Date: Thursday 23 Sep 2021
(Sharecast News) - Augean is to be taken private in a £390m deal following a bidding war for the Aim-listed waste services firm.
The winning bid was tabled by Eleia, which is owned by funds managed by investment firms Ancala Partners and Fiera Infrastructure. It increased its earlier cash offer to 372p per share, outbidding a rival 361p per share offer tabled by Antwerp Management, which is owned by funds connected to Morgan Stanley.
The firm said the increased offer represented "an excellent outcome" for shareholders and confirmed the directors would unanimously recommend the deal to investors.
Should the deal go though, Augean - a specialist in hazardous waste - is expected to cease trading in early October.
Eleia originally tabled a 325p per share, or £341m offer, which was recommended by the board and trumped an earlier recommended offer of 280p per share, made by Antwerp in August. Antwerp responded with an offer of 340p, however, at which point the Takeover Panel ruled that an auction should be held.
Following the conclusion of the auction process, both bidders are now prohibited from revising their offers unless a third party announces a firm intention to bid.
Yorkshire-based Augean, named after the filthy stables Hercules was tasked with cleaning, was established two decades ago as an acquisition vehicle in the water and waste industry.
Shares in the firm were largely flat at 368.0p as at noon.
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