The Australian Financial Review - Apr 12, 2021 – 9.33pmThere’s...

The Australian Financial Review - Apr 12, 2021 – 9.33pm

There’s proof of life in Bingo Industries’ takeover.

Three months after Bingo fessed up to the $3.50 a share indicative bid, it is understood suitor CPE Capital and Macquarie’s MIRA have finished due diligence, lined up funding and are closing in on their target.Macquarie’s MIRA, a sophisticated and efficient suitor that wouldn’t normally require more than three months to assess its prey, has been preparing investors for the transaction in recent days.

While there are a few pieces of the puzzle left to be solved, should they come together as expected in the coming week or so then it would bring a climax to a rollercoaster ride for both sides of the transaction.While UBS-advised Bingo was happy to see CPE and MIRA turn up with the $2.5 billion bid, due diligence coincided with a short attack that would have had CPE and MIRA wanting to delve deeper into understanding the business.

#There have also been complexities around dealing with Bingo’s large shareholders, including entities owned by CEO Daniel Tartak and director Ian Malouf, while CPE/MIRA is also a new pairing that needed to get comfortable with each other.

While Bingo’s deal has a strengthening pulse, the same cannot be said for rival Cleanaway Waste Management’s big play. Its target, Suez’s Australian recycling and recovery business, is set to go to Veolia under an agreement announced in Europe on Monday night.