LONDON, UK: Eleia Limited (Bidco) prevails with highest bid for Augean Plc offering 372 pence in cash for each share valuing the entire issued and to be issued ordinary share capital of Augean at approximately £390 million.
In accordance with the terms of the auction procedure, MSIP Bidco and Bidco are prohibited from further revising the price of their respective offers for Augean unless a third party announces a firm intention to make an offer for Augean.
The Increased Eleia Offer Price of 372 pence per Augean Share represents an excellent outcome for Augean Shareholders. The Augean Directors, who have been so advised by Rothchild & Co as to the financial terms of the Increased Eleia Offer, consider the terms of the Increased Eleia Offer to be fair and reasonable. In providing its advice, Rothchild & Co has taken into account the commercial assessments of the Augean Directors. Rothchild & Co is providing independent financial advice to the Augean Directors for the purposes of Rule 3 of the Takeover Code.
Accordingly, as the price of the Increased Eleia Offer is superior to the price of the Increased MSIP Offer, the Augean Directors intend to recommend unanimously that Augean Shareholders vote, or procure the voting, in favour of the Scheme at the Court Meeting and vote, or procure the voting, in favour of the Resolution to be proposed at the General Meeting (or, in the event that the Increased Eleia Offer is implemented by way of a Takeover Offer, that Augean Shareholders accept or procure acceptance of, that Takeover Offer).
The consideration payable to Augean Shareholders pursuant to the increased Eleia offer will be financed by a combination of equity to be invested by Ancala Infrastructure Fund II SCSp and Atlas Co-Investment LP, funds managed by Ancala, and EagleCrest Infrastructure Canada LP and EagleCrest Infrastructure SCSp, funds managed by Fiera Infrastructure.
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