Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of MRW, please enable cookies in your browser

We'll assume we have your consent to use cookies, so you won't need to log in each time you visit our site.
Learn more

Terra Firma and Suez opt out of Biffa bid

Private equity firm Terra Firma and waste company Suez have pulled out of a potential takeover battle for Biffa.

The waste company has already recommended a £1.2 billion offer from Montagu and Global Infrastructure Partners.

Terra Firma and Suez had been planning on offering a counter-bid offer for Biffa but after undertaking due diligence have shelved plans to take over.

In a statement on the acquisition update, Biffa said: The Biffa Board has now been informed by those third parties that they are no longer working towards making a competing offer for Biffa. As a consequence, the Biffa Board is now not aware of any third parties who are working towards making such a competing offer.

This now leaves Montagu and GIP as the frontrunners in the battle for Biffa. The Montagu and GIP proposal will now proceed to a court hearing, held by Biffa shareholders, due to be held on March 12 2008. According to a Biffa spokesman, the outcome of the proposed takeover will be decided during the middle of April.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.