24th May 2016 08:55
LONDON (Alliance News) - Waste management company Shanks Group PLC on Tuesday said it is set to table a bid for Netherlands-based waste collection and recycling company Van Gansewinkel Groep BV.
Shanks said it will submit an updated, indicative non-binding offer for Van Gansewinkel soon and said the deal would be considered a reverse takeover, meaning Shanks has requested the suspension of its shares.
Shanks said it believes the acquisition would transform its position in the Benelux solid waste market.
The group said it intends to finance the deal through new debt facilities, equity consideration to the vendors and through an equity fundraising.
The stock was down 0.6% at 80.50 pence Tuesday prior to being suspended at the request of the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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