Biffa's recommended takeover by WasteAcquisitionco approved by shareholders
03.12.08, 1:04 PM ET
LONDON (Thomson Financial) - Biffa PLC said its shareholders have passed a resolution at its EGM approving a recommended takeover offer made by WasteAcquisitionco Ltd through a scheme of arrangement.
The company also said the scheme is expected to become effective on April 7, subject to the sanction of the scheme and confirmation of the capital reduction and the satisfaction or waiver of the remaining conditions.
On Feb 8, Biffa agreed a takeover offer by WasteAcquisitionco -- a consortium made up of Montagu Private Equity, Global Infrastructure Partners Funds and Uberior Co-Investments Ltd -- at 350 pence per share in cash, valuing Biffa at about 1.231 bln stg.
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