Biffa talks with ECP ongoing, takeover deadline extended

Waste management company Biffa said on Tuesday that the UK Takeover Panel has extended the deadline for private equity firm Energy Capital Partners to make a takeover offer as talks between the two parties are ongoing.

Biffa announced early last month that it had received an indicative non-binding proposal from ECP and that the PE firm had until 5 July to either make a firm intention to make an offer or walk away. That deadline has now been extended to 2 August to allow discussions between the two to continue.

"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," Biffa said, adding that a further announcement will be made when appropriate.

Biffa said in June that it was minded to recommend a proposed offer from ECP at 445p a share, which values the company at £1.36bn.