Biffa shareholders vote in favour of takeover bid
Shareholders in waste management firm Biffa have voted in favour of a £1.3 billion takeover bid by a US investor.
Ninety-six per cent of the shareholders moved in favour of the acquisition by Bears Bidco, a new company run by Energy Capital Partners yesterday (Tuesday).
The takeover offer was made public at the end of September.
At the time Ken Lever, chairman of High Wycombe-based Biffa, said: “Since IPO in October 2016, the successful pursuit of our growth strategy has seen Biffa expand its leadership position in its I&C collections business and oversee a significant investment programme across UK green economy infrastructure, strengthening its capabilities as one of the leading sustainable waste managers in the UK.
“ECP is an experienced investor in environmental infrastructure and sustainability assets and offers a supportive environment to accelerate the Group’s further development and growth as a leading enabler of the circular economy.
“Whilst being lower than the proposal previously announced on 7 June 2022, 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.”
And Andrew Gilbert, partner of ECP, had said: “ECP is excited to begin this long-term partnership with Biffa and its extremely talented employees and leadership.
“We intend for Biffa to remain focused on providing the high level of service to which its customers have become accustomed and look forward to supporting Biffa’s strategic initiatives, development, growth and industry leadership.”