London: Biffa shareholders approved the terms on Wednesday, for the acquisition of the total issued share capital of the waste management contractor.
On the 8 February, Biffa agreed terms with WasteAcquisitionco based on a bid of 350p per share - valuing the company at £1.2 billion. WasteAcquisitionco, is an acquisition vehicle set up by a consortium of Montagu, Global Infrastructure Partners Funds and Uberior Co-Investments Limited (UCIL).
The approval from shareholders, was given at a Court Meeting arranged by Biffa and held at the Chartered Accountants Hall, London, which was followed by an Extraordinary General Meeting to pass a resolution associated with the acquisition.
More than 75 per cent (based on value), of the holders of Public Scheme Shares were represented at the Court Meeting, either in person or by proxy, says Biffa.
The scheme is expected to come into effect on 7 April - subject to completion of formalities.
At the close of trading today (Friday), the Biffa shares were close to the accepted bid price at 347.25p.