The bidding for Wetherby waste management company Augean plc has been won by funds managed by London-based Ancala Partners LLP and investment funds managed by Toronto-based Fiera Infrastructure Inc. with an increased takeover offer of around £390 million.
The Ancala group’s increased 372p per share offer topped a bid of 361p from Morgan Stanley Infrastructure (MSI) in an auction, the UK Takeover Panel said.
Augean shares rose almost 2% to 374p.
Ancala said Augean has backed its offer and would recommend it to its shareholders.
The deal for Augean will be funded via a combination of equity and debt.
The bidders are now prohibited from further revising the price, unless a third party announces a firm intention to make an offer for Augean.