SYDNEY: Australia’s Bingo Industries said it had received a A$2.29bil (US$1.8bil) cash buyout offer from a consortium led by private equity firm CPE Capital, sending the waste management firm’s shares to an 11-month high.
The offer comes at a time when the government is injecting stimulus into the recycling and construction sectors and pushing infrastructure investment as the economy reopens from coronavirus-enforced lockdowns.
Under the proposal, Bingo shareholders would get A$3.50 per share, a nearly 28% premium to the stock’s last close, the company said in a statement.
A deal would hand nearly A$460mil to chief executive officer and top shareholder Daniel Tartak, whose parents started Bingo in the outer suburbs of Sydney in 2005 by acquiring a small skip bin company for less than A$1mil.