Shanks takeover approach

Dec 24 2009 By nebusiness

US buy-out firm Carlyle today confirmed it had approached waste management group Shanks with a potential takeover offer.

The firm said it was "evaluating a possible cash offer" but did not specify the figure under discussion.

Earlier this month Shanks announced that it had received a 135p-a-share bid but said a cash offer of 150p, valuing the firm at £595m, would deliver "appropriate value".

In a statement today Carlyle confirmed it was considering a bid for Shanks, but added that there was "no certainty" that an offer would be forthcoming.