Potential takeover bid considered for listed waste management firm
Investment business Morgan Stanley Infrastructure Inc (MSI) has confirmed it is considering a possible takeover of Wetherby-headquartered specialist waste management business, Augean.
MSI has stated this morning that it is in the preliminary stages of examining whether to make an approach for a possible offer for the entire issued and to be issued share capital of Augean.
Augean has responded today that it has not received an acquisition offer approach from MSI.
It states: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”
It adds the rules mean MSI is required – by no later than 5pm on 24 June 2021 – to either confirm a firm intention to make an offer for Augean, or announce it does not intend to make an offer.
In March, Augean reported that its pre-tax profits had risen in the year ended 31 December 2020, despite a drop in revenue.
The firm recorded profits before taxation of £19.3m compared to £19.2m in 2019. This came despite a 16% decrease in revenue which was attributed to a shortfall in its North Sea Services.
Augean serves the hazardous waste management sector, and operates in the oil, gas and nuclear industries at locations across the UK.
