Bridget Carter will have this in 'The Australian' tomorrow morning, 25 February 2021 (which doesn't add a lot to what she's previously opined):Bingo Industries appears to be moving increasingly down the privatisation route, with reports that its suitors, CPE Capital and Macquarie Infrastructure and Real Assets, have now completed their due diligence.
The understanding now is all that needs to unfold for a sale are the commercial negotiations between the consortium and the company. Discussions will centre not only on price but on the structure of the transaction.
CPE and MIRA had earlier put forward an indicative offer of $3.50 per share for the Australian listed waste disposal company, valuing it at about $2.3bn, and Bingo granted the parties access to due diligence material.
Some expect that it could be only days before a formal deal is announced, although others say that it could still be up to a few weeks. The widely held view around the market has been that the pair will emerge shortly with a slightly higher formal offer – somewhere between $3.50 and $4, including franking credits.
Expectations are that Bingo’s major shareholders, Ian Malouf and chief executive Daniel Tartak, will retain some ownership, with shareholders also offered the opportunity to take scrip in the company.
CPE and MIRA are considered the frontrunners to buy the business, although there are suggestions that another suitor, such as Keppel Infrastructure, could be waiting in the wings in case negotiations were to stall...'
