By David Winning
SYDNEY--Waste manager Bingo Industries Ltd. said it is agreed to a takeover offer from Macquarie Infrastructure and Real Assets that values its equity at around 2.3 billion Australian dollars (US$1.76 billion).
Bingo said its shareholders have the option to receive either A$3.45 in cash for each share that they own, or a mix of cash and stock in an unlisted entity to be set up by MIRA. It represents a 26% premium to Bingo's share price prior to its January 19 announcement that it had become a takeover target.
The company said it plans to declare a special dividend of up to A$0.117 per share before the takeover completes to enable its shareholders to take advantage of remaining franking benefits.
Bingo said CEO Daniel Tartak and non-executive director Ian Malouf were supporting the takeover proposal. Both are significant shareholders in the company.
"With MIRA's significant experience investing in and operating recycling and waste management businesses around the world, we look forward to bringing our expertise to support the team in delivering Bingo's next phase of growth," said Frank Kwok, Head of MIRA Asia-Pacific.
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(END) Dow Jones Newswires