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ASX rises 1pc as private equity moves on Bingo
Share
Australian shares gained more than 1 per cent on Tuesday, more than recovering the previous session s losses, dominated by surging interest in private equity takeover target Bingo Industries.
The S&P/ASX 200 Index added 79.6 points to 6,742.6. The All Ordinaries advanced 1.15 per cent to 7,015.
Bingo on Tuesday confirmed privatisation rumours revealed by
The Australian Financial Review s Street Talk column late on Monday. It is considering a conditional $3.50-a-share cash buyout proposal from a consortium led by private equity group CPE Capital.
The stock surged 20 per cent to $3.30 in response. Any offer for the waste group would have to be supported by chief executive and major shareholder Daniel Tartak, and its second-largest shareholder, Ian Malouf.