Winning £390m bid made in auction to acquire listed waste management firm

Eleia, comprising investment funds managed by Ancala Partners LLP and investment funds managed by Fiera Infrastructure Inc, has made the winning bid in an auction to acquire waste management firm Augean.

Its offer of 372 pence in cash for each Augean share has surpassed a rival bid of 361 pence per Augean share submitted by Morgan Stanley Infrastructure (MSI).

The Board of Wetherby-based Augean now intends to provide its unanimous recommendation in favour of the increased Eleia offer.

The latest Eleia offer values the entire issued and to be issued ordinary share capital of Augean at approximately £390m. In comparison, the MSI offer had valued Augean at at approximately £378.9m.

A markets update published this morning states: “The increased Eleia offer price of 372 pence per Augean share represents an excellent outcome for Augean shareholders.

“The Augean directors, who have been so advised by Rothchild & Co as to the financial terms of the increased Eleia offer, consider the terms of the increased Eleia offer to be fair and reasonable.”

MSI and Eleia are now prohibited from further revising the price of their respective offers for Augean, unless a third party announces a firm intention to make an offer for the business.