UPDATE: Shanks Group Gets, Rejects 135 Pence A Share Offer
December 07 2009 - 3:10AM
Dow Jones News
Waste management company Shanks Group PLC (SKS.LN) Monday said
it received a roughly GBP534 million takeover offer from a private
equity group but turned it down.
The bid, pitched at 135 pence a share, represents a premium of
50% to Friday's closing price but Shanks said a bid of 150 pence a
share or more would "deliver an appropriate value to
shareholders."
It added it has already held "supportive discussions" with its
two biggest shareholders--Legal & General Group PLC (LGEN.LN)
and Schroders PLC (SDR.LN), according to FactSet.
Shanks said the offer was "highly preliminary" and unsolicited,
and didn't name the bidder.
A report in the U.K.'s Daily Telegraph newspaper Dec. 7 named
U.S. private equity company Carlyle Group L.P. as the bidder. A
spokeswoman for Carlyle couldn't immediately be reached.
Company Web site: www.shanks.co.uk
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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