Biffa PLC (LSE:BIFF) recommended shareholders accept a 410p per share cash bid from private equity firm Energy Capital Partners (ECP), valuing the waste management company at £1.3bn.
Biffa first announced in June that it received a proposed takeover offer from ECP.
The agreed acquisition price is at a 28% premium to the closing price of 325p on 6 June, the day before the start of the offer period, Biffa said in a statement.
ECP said it has been investing in energy transition, environmental infrastructure, and sustainability-focused businesses for almost two decades and that Biffa fits its investment criteria well due to its position “as a leader in UK sustainable waste management, underpinned by a strong national brand and extensive service coverage led by an excellent management team and backed by powerful barriers to entry”.
ECP has so far received irrevocable undertakings to vote or procure votes in favour of bid from shareholders holding 14.43% of Biffa.