Wetherby-based hazardous waste management firm Augean plc said on Wednesday its board has agreed to a takeover offer of £341 million from funds managed by London-based Ancala Partners LLP and investment funds managed by Toronto-based Fiera Infrastructure Inc.

Augean said the buyout offer of 325p per share for Augean tops a 280p offer in July from funds managed by Morgan Stanley Infrastructure Partners (MSIP).

“It is intended that the offer will be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act,” said Augean.

“In order to become effective, the scheme must be approved by a majority in number of the scheme shareholders present and voting (and entitled to vote) at the court meeting, either in person or by proxy, representing 75 per cent. in value of the scheme shares held by those scheme shareholders.”

Augean share rose about 17% to around 334p, suggesting some traders anticipate an even higher offer for Augean.

Augean executive chairman Jim Meredith said: “The Augean board believes that Ancala and Fiera Instructure are well-respected as long-term investors in the infrastructure sector and will be able to support Augean’s strategy of providing the highest level of customer service and safe operations in niche and highly regulated hazardous waste markets.

“We recognise the increase in the price offered to Augean shareholders under the offer when compared with the MSIP Offer and have accordingly recommended the offer to Augean shareholders.

“As Ancala and Fiera Infrastructure intend to maintain the same strategy and footprint, we also believe that the acquisition is a good outcome for all Augean stakeholders, including our employees, our customers and the wider UK economy.”

Ancala partner Karen Dolenec said: “Augean provides essential and responsible hazardous waste management services to key private and governmental infrastructure operators.

“Ancala has been impressed by the high quality of the team and operations and is excited to support the Company in expanding its role in this critical part of an effective waste management ecosystem.”

Fiera Infrastructure president Alina Osorio, said: “Augean is a leading provider of hazardous waste management services in the UK, offering essential and responsible treatment and disposal solutions for hazardous materials.

“Fiera Infrastructure is excited to work alongside the management team at Augean to support the company in its next stage of growth.”