The board of Wetherby-based hazardous waste management firm Augean plc has agreed to an increased takeover bid of £356.9 million from Morgan Stanley Infrastructure Inc that tops a rival offer.

Morgan Stanley Infrastructure raised its offer to 340p per Augean share from the 280p bid it made in July, topping the 325p per share offer from Eleia Ltd, a group affiliated to funds managed by London-based Ancala Partners LLP and investment funds managed by Toronto-based Fiera Infrastructure Inc.

Augen shares have risen to around 350p, suggesting an even higher offer may emerge for the company.