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Biffa takeover talks ‘ongoing’ as deadline extended

Discussions between Biffa and the US private equity firm Energy Capital Partners (ECP) regarding a possible takeover are “ongoing”, with an announcement today (5 July) that the legal deadline for a firm offer is to be pushed back.

Biffa and its American suitor now have until to 2 August to agree a deal

Last month, Biffa announced that it had received a series of takeover offers from ECP valuing the company at around £1.4 billion (see letsrecycle.com story).

In the announcement then, Biffa set a ‘put up or shut up’ (PUSU) deadline of 5 July as stipulated by the UK Takeover Panel regulations. This gave ECP around a month to announce whether or not it will be making a firm offer for the company.

There can be no certainty that an offer will be made nor as to the terms of any offer

– Biffa

Discussions

Today, with discussions between Biffa and ECP “ongoing”, the waste giant explained that it has accepted a request from the US firm for more time for discussions to take place.

The statement explained that the Takeover Panel has also consented for the deadline to be postponed until 2 August.

Biffa concluded in the statement: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”

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