UK - Montagu to work with GIP on Biffa

Montagu Private Equity is reported to have agreed to work with Global Infrastructure Partners (GIP) on a ТЃ1.2bn bid for waste services company Biffa. Montagu had formerly tabled an offer for the listed-business alongside HgCapital but it is understood that HgCapital has now dropped out of the deal. HgCapital and Montagu had offered 330p per share to gain access to Biffa's books late last year. Montagu and GIP are believed to be prepared to offer 350p per share.