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Australia's Bingo Industries gets US$1.8bil buyout offer


SYDNEY: Australia’s Bingo Industries said it had received a A$2.29bil (US$1.8bil) cash buyout offer from a consortium led by private equity firm CPE Capital, sending the waste management firm’s shares to an 11-month high.
The offer comes at a time when the government is injecting stimulus into the recycling and construction sectors and pushing infrastructure investment as the economy reopens from coronavirus-enforced lockdowns.
Under the proposal, Bingo shareholders would get A$3.50 per share, a nearly 28% premium to the stock’s last close, the company said in a statement.
A deal would hand nearly A$460mil to chief executive officer and top shareholder Daniel Tartak, whose parents started Bingo in the outer suburbs of Sydney in 2005 by acquiring a small skip bin company for less than A$1mil. ....

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UPDATE 3-Australia's Bingo Industries gets $1.8 bln buyout offer, shares soar


Co says talks with PE consortium ongoing
Shares hit highest since Feb 2020 (Updates in last paragraph with CPE Capital declining to comment)
Jan 19 (Reuters) - Australia’s Bingo Industries said on Tuesday it had received a A$2.29 billion ($1.8 billion) cash buyout offer from a consortium led by private equity firm CPE Capital, sending the waste management firm’s shares to an 11-month high.
The offer comes at a time when the government is injecting stimulus into the recycling and construction sectors and pushing infrastructure investment as the economy reopens from coronavirus-enforced lockdowns.
Under the proposal, Bingo shareholders would get A$3.50 per share, a nearly 28% premium to the stock’s last close, the company said in a statement. ....

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