UNQUOTE

UK - HgCapital and Montagu have Biffa in their sights

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It has been confirmed that waste management company Biffa received an indicative approach from HgCapital and Montagu Private Equity in early September. The board subsequently rejected the bid, however, Biffa shares were up 25% on Friday upon news of a possible takeover. A price of approximately 300p per share represents a market capitalisation in excess of ТЃ1bn.

HgCapital and Montagu remain committed to investing in Biffa and have already built up a 2.4% stake. In a move reflective of the current nervousness in the credit markets, the banks they are working with on the bid, HSBC and Bank of Scotland, have written letters of support.
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