UK - Montagu bid for Biffa safe after Terra Firma and Suez pull out

Montagu Private Equity's recommended offer for Biffa, the waste disposal group, is to go ahead uncontested after Terra Firma, which was thought to be preparing a counterbid alongside French utility group Suez, backed away from the deal. The Montagu-consortium involves Global Infrastructure Partners and Uberior Co-Investments, a subsidiary of Bank of Scotland. It is to pay 350p per share representing a market capitalisation of ТЃ1.2bn with banks supplying ТЃ1.1bn of debt to support the total ТЃ2.1bn enterprise value. Shareholders will vote on the offer on 12 March.