Winning bid made in battle to acquire waste management company

The board of the specialist waste management firm Augean plc has unanimously backed an offer for the company.

The Augean board has said it views the increased Eleia offer as superior to a rival and intends to provide its unanimous recommendation to the increased Eleia offer.

In a statement, it was confirmed that Eleia had prevailed with the highest offer for Augean following conclusion of an auction procedure.

The Augean board has said it views the increased Eleia offer as superior to a rival and intends to provide its unanimous recommendation to the increased Eleia offer.

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The increased Eleia Offer price has been set at 372 pence in cash for each Augean share.

The statement said: "Further to the panel statement published on 16 September 2021 regarding the competitive situation between Bidco (Eleia) and Antwerp Management Limited in relation to the acquisition of the entire issued and to be issued share capital of Augean, Bidco and MSIP Bidco participated in an auction procedure to determine their respective offers for Augean."

"Following the conclusion of the auction procedure, Bidco and Augean are pleased to announce the terms of Bidco's superior cash offer for the entire issued and to be issued share capital of Augean which the Augean board intends to recommend unanimously."

The increased Eleia offer values the entire issued and to be issued ordinary share capital of Augean at approximately £390 million.