Shanks hold out for 150p offer after Carlyle’s £536m bid
Submitted by Aaron Ross on Tue, 12/08/2009 - 05:24
Waste management firm Shanks confirmed a 135p-a-share bid approach, but added an offer of 150p-a-share would deliver an apt value to its shareholders.
An offer of 135p-a-share, which values the firm at £535 million, was tabled by the US private equity firm Carlyle Group, though Shanks did not mention its name.
Shanks claimed that it enjoyed the support of Schroders and Legal & General in holding out for 150p that would value the firm at £595 million.
Each of the two, viz. Schroders and Legal & General owns 16 per cent stake in the firm.
Shanks’ recent statement set a benchmark for any potential rival bids.
In the after-hours trading, shares in Shanks gained 38.4p to 128½p-a-share.
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