Shanks reveals bid interest

Dec 7 2009 By nebusiness

WASTE management company Shanks today said it had received a takeover approach worth around £536m.

The "preliminary and unsolicited" interest from an unnamed private equity group values Shanks at 135p a share. Shanks is Europe’s largest listed independent waste management company, operating in the Netherlands, Belgium, the UK and Canada.

After talking with the group’s two largest shareholders, the board said that a bid of 150p a share, which would value the company at around £595m, would "deliver appropriate value to shareholders".