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By David Winning SYDNEY Waste manager Bingo Industries Ltd. said it is agreed to a takeover offer from Macquarie Infrastructure and Real Assets that values its equity at around 2.3 billion Australian dollars (US$1.76 billion). Bingo said its shareholders have the option to receive either A$3.45 in cash for each share that they own, or a mix of cash and stock in an unlisted entity to be set up by MIRA. It represents a 26% premium to Bingo s share price prior to its January 19 announcement that it had become a takeover target. The company said it plans to declare a special dividend of up to A$0.117 per share before the takeover completes to enable its shareholders to take advantage of remaining franking benefits.
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BINGO intends to declare special dividend of A$0.117 a share MIRA offers BINGO shareholders two alternative deal structures (Rewrites throughout with shares, background and details)
April 27 (Reuters) - Australian waste management firm BINGO Industries Ltd agreed on Tuesday to a A$2.3 billion ($1.79 billion) buyout by funds managed by Macquarie Group , sending its shares to a more than 14-month high.
The waste management industry has seen a flurry of deals lately, including a 13-billion-euro ($15.71 billion) merger of global giants Veolia and Suez, and Cleanaway Waste Management’s acquisition of certain Sydney-based assets of Suez for A$501 million.
In Australia, the government has directed investment towards the recycling and waste management industry ahead of a 2024 ban on the export of unprocessed waste plastic, paper, glass and tyres, hoping to create thousands of new jobs.
Tassie business bags $34 million for seaweed helping curb the environmental impact of flatulent farm animals
Sea Forest founder and chief Sam Elsom. Source: supplied.
A Tasmanian business producing seaweed that can reduce the methane output and subsequent environmental impact of farm animals has raised $34 million in funding as it looks to capitalise on a global opportunity.
Launched in 2019 by Aussie environmentalist Sam Elsom, Sea Forest grows asparagopsis, a type of native seaweed, and converts it into animal feed supplements.
Those supplements essentially lessen the environmental damage done by the flatulent beasts, reducing the amount of methane they release and curbing some of the negative effects of farming.