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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