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Biffa bidder has another shot

Created:
19 December 2007
Written by:
Algy Hall

The Biffa bid saga continues, and this time it looks like it could be drawing closer to a conclusion, with a private equity consortium of Montagu Private Equity and Hg Pooled Management now prepared to offer 350p per share for the waste management group.

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The bid is based on a number of pre-conditions, including a successful outcome to their due diligence. For its part, Biffa has said the bidders will be able to nose through its books and if a firm offer is made at the 350p level, it will be recommended.

IC VIEW:

Biffa is seen as a tasty prize for infrastructure players, so the possibility of a rival offer cannot be ruled out, despite the chronic conditions in the credit market and the fact that the shares are yet to climb above the mooted offer price. At 338p, we'd advise sitting tight.

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