The board of directors of Biffa (the 'Biffa Board') announced at the same time that it had been approached by third parties regarding their potential interest in making an offer for Biffa and that such third parties had been given access to the same due diligence information as Montagu Private Equity and Global Infrastructure Partners (who together with Uberior Co-Investments Limited control Bidco).
The Biffa Board has now been informed by those third parties that they are no longer working towards making a competing offer for Biffa. As a consequence, the Biffa Board is now not aware of any third parties who are working towards making such a competing offer.
Accordingly, the Biffa Board reiterates its unanimous recommendation that shareholders vote in favour of the resolutions, concerning the proposed acquisition by Bidco and related scheme of arrangement, to be proposed at the extraordinary general meeting ('EGM') of Biffa and the meeting of shareholders arranged by the court ('Court Meeting') respectively.
Both the EGM and the Court Meeting will be held at Chartered Accountants' Hall, One Moorgate Place, London EC2R 6EA from 11.00 a.m. on 12 March 2008.
Posting of Scheme Document
On 8 February 2008, Biffa Plc ('Biffa') and WasteAcquisitionco Limited ('Bidco')announced that they had reached agreement on the terms of a recommended acquisition, to be effected by means of a scheme of arrangement under section 425 of the Companies Act (the 'Scheme'), of the entire issued and to be issued share capital of Biffa by Bidco.
Biffa is today posting a circular to Biffa Shareholders (the 'Scheme Document'), containing, amongst other things, the terms of the Scheme, an explanatory statement pursuant to section 426 of the Companies Act, notices of the Court Meeting and Extraordinary General Meeting, a timetable of principal events and details of the action to be taken by Biffa Shareholders.