United Kingdom-based waste and recycling firm Biffa plc says it has received an offer to be acquired by New Jersey-based equity fund Energy Capital Partners Management LP (ECP) and its affiliates.
The Board of Biffa plc has announced receiving “a series of unsolicited and indicative proposals from affiliates of ECP on behalf of funds and other investment vehicles managed and/or advised by ECP and its affiliates to acquire the entire issued, and to be issued, share capital of [Biffa].”
ECP’s most up-to-date proposal, says Biffa, considerations a potential offer at a worth of 445 U.Okay. pence ($5.57) per Biffa share in money. That proposal, says the Biffa board, is “topic to the satisfaction or waiver of plenty of customary pre-conditions, together with passable completion of due diligence.”
The board of Biffa says it has rigorously evaluated the proposal along with its monetary adviser, Rothschild & Co, and it has concluded “that ought to a agency offer be made on the identical monetary phrases because the proposal, it will be minded to suggest it to Biffa shareholders, topic to the settlement of different customary phrases and situations.”
The board has thus granted ECP entry to due diligence supplies.
Last yr, Biffa acquired materials restoration amenities (MRFs) and different belongings from Viridor Waste Management Ltd. That transaction helped make Biffa “one of many largest recyclers of postconsumer supplies within the U.Okay.
,” the corporate stated on the time.
On its web site, ECP lists 45 firms in its previous or current portfolio, together with scrap tire processor Liberty Tire. For a number of years, ECP additionally owned waste-to-energy plant operator Wheelabrator Technologies.