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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.

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