LONDON (Thomson Financial) - An investment group backed by General Electric Co has made an approach worth 1.5 bln stg for British waste collection group Biffa PLC, The Sunday Telegraph reported.
The report said GE-backed Global Infrastructure Partners (GIP), is thought to be carrying out due diligence on Biffa after informing the company and its advisers, Citigroup and JP Morgan Cazenove, that it was interested in making an offer.
'GIP are in the data room,' a source familiar with the matter was cited as telling the paper.
Biffa opened its books just before Christmas to a rival consortium backed by Montagu and Hg Capital, the private equity firms, which made a 350p-a-share indicative offer. r.jones@thomson.com rj/vs COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The report said GE-backed Global Infrastructure Partners (GIP), is thought to be carrying out due diligence on Biffa after informing the company and its advisers, Citigroup and JP Morgan Cazenove, that it was interested in making an offer.
'GIP are in the data room,' a source familiar with the matter was cited as telling the paper.
Biffa opened its books just before Christmas to a rival consortium backed by Montagu and Hg Capital, the private equity firms, which made a 350p-a-share indicative offer. r.jones@thomson.com rj/vs COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.