Augean to recommend Eleia’s top cash offering of 372 p / share
(RTTNews) – Eleia Limited, indirectly owned by a consortium of Ancala Partners LLP and Fiera Infrastructure Inc., announced on Thursday that the board of directors of Augean plc (AUG.L) considers the increased offer of Eleia at 372 pence per share in cash as higher than the bid by Antwerp Management Limited or MSIP Bidco, owned by Morgan Stanley.
Eleia’s revised offer values Augean, a hazardous waste treatment and disposal company, at around 390 million pounds.
The board of directors of Augias now intends to provide its unanimous recommendation on the revised offer from Eleia and have withdrawn its recommendation from the offer from MSIP Bidco.
Eleia and MSIP Bidco took part in an auction procedure on September 22, in order to determine their respective bids on Augean.
The Directors of Augias now consider the terms of Eleia’s Augmented Offer to be fair and reasonable.
Eleia’s revised offer represents a premium of around 3% over the offer price plus 361 pence per Augean share offered by MSIP Bidco.
The price also represents a premium of 68.5% over the daily volume weighted average price of the Company’s share of 220.8 pence per Augean share for the two-month period ended May 26, the last working day before the start of the offer period.
Eleia’s previous bid was 325 pence in cash for each Augean share.
In London, Augean shares are now trading at 368.25 pence, up 0.20%.
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