Shanks receives bid approach from Carlyle Group
After months of speculation it has been revealed that waste management company, Shanks has received a bid approach from Carlyle Group of £1.35 a share. It is believed that Carlyle has made a number of approaches over the last few months but this is the only one which has been announced to the market with Shanks directors not sure whether the earlier approaches were "serious enough".
It would appear that Carlyle Group is serious about the more recent approach and has in fact contacted some of Shanks larger shareholders directly to gauge their opinion on the situation. As a consequence, Shanks has also been in touch with institutional shareholders and today confirmed it would consider a bid of £1.50 a share if this were to emerge.
In simple terms, Shanks has now turned the tables on Carlyle Group with the suggestion that an improved offer may well receive the blessing of the Shanks board and larger institutional shareholders. So far there has been no response from Carlyle Group although no doubt there will be discussions going on behind the scenes to try and arrive at a solution which is acceptable to all parties.
Share this..
Related stories
Alistair Darling looking to reform regulation of international finance markets
Alistair Darling, the Chancellor of the Exchequer, has today suggested that the forthcoming G20 meeting should be used to start a serious reform of the international financial system. This is a follow on from Gordon Brown's recent message on a visit to the US where he discussed the regulation of international money markets, international stock markets and international financial markets in general...
Read MoreThursday's gilt auction proves highly successful
While only 24 hours ago the talk was of a failed gilt auction in the UK, the first since 1995, today has seen a successful refinancing of UK debt with £2.99 billion of offers received for just £1.1 billion government bonds on offer. The cover ratio for this particular auction is 2.72, against 1.12 when similar bonds were issued in October and 0.93 for a similar gilt auction on Wednesday. So is t...
Read MoreCouncil tenants to lose right to lifetime occupation
11/12/2015 The government has announced new plans that mean council tenants will lose the right to stay in their homes for life. The new changes, which will be amendments to the Housing Bill, will mean occupational rights for new tenancies will only stretch up to five years at the most. If the amendment is passed into law, councils will have to provide people seeking council homes fixed ter...
Read MoreBritish Airways credit rating reduced
Standard and Poor's has today dealt another blow to British Airways with news that the company's long-term credit rating has been downgraded from BB to BB-. This comes just days after the company admitted it will report a record loss for the current year although there has been significant progress in the area of cost-cutting and refocusing of the operation. In all honesty the downgrade of the...
Read MoreHector Sants to step down as FSA chief executive
Hector Sants has revealed that he will be stepping down from his position as chief executive of the Financial Services Authority (FSA) later this year after his three-year tenure comes to an end. The former investment banker has presided over what has been the most difficult financial situation in the UK for decades and managed to retain his reputation and his cool throughout. While the rumour...
Read More