WASTE management firm Biffa has agreed to a £1.3bn takeover deal by a US investor.
The London-listed waste firm said Bears Bidco, a new company run by Energy Capital Partners (ECP), will pay 410p per share for the company.
It comes three months after Biffa told shareholders it was likely to accept a £1.4bn bid from ECP.
Yesterday, Biffa chairman Ken Lever said: "Whilst being lower than the proposal previously announced on 7 June, it is the Biffa board's view that this offer represents a compelling opportunity, particularly in a weakening economic environment, for shareholders to realise, in cash and with certainty, the potential for future value creation."
Biffa said the agreed deal represents a 28 per cent premium on its closing price from 6 June, before the offer was announced.
The move, which will be voted on by shareholders, is expected to complete during the fourth quarter of 2022 or first quarter of next year.
Shares in Biffa closed up 27.7 per cent to 406.2p.
(c) 2022 City A.M., source Newspaper