Waste management firm Biffa has announced today it has received a takeover offer from a US equity company.
The ‘unsolicited’ offer, worth around £1.36 billion, came from affiliates of New Jersey-based firm Energy Capital Partners (ECP).
The proposal consists of 445p per Biffa share, the British waste management specialist has said.
The company added that it would back the bid if ECP tabled a firm offer on the same financial terms as the proposal.
Biffa’s board had previously evaluated the proposal as well as the risks the company faces, including the current status of discussions between HMRC and the company.
The firm said it is the subject of an enquiry by HMRC regarding certain aspects of its landfill tax