Waste management and recycling business Bingo Industries (ASX:BIN)
has confirmed that negotiations for a 2.6 billion buyout by CPE Capital and Macquarie are still not concluded.
Bingo downplayed the deal ,“there can be no assurance that any transaction will result from these discussions”
The firm’s announcement of a $3.50 per share joint bid from the consortium catapulted the garbage trucks operator’s shares in January.
Despite the completion of due diligence, the deal is still not set in stone, as Bingo feels the current terms are not adequate to“deliver appropriate value for all Bingo shareholders”.
The waste solutions company’s CEO Daniel Tartak currently has a 19.8 per cent in the company founded by his family.
Bingo currently has a strong presence in New South Wales, managing 330 vehicles to deliver its waste processing and recycling services.
Shares in Bingo Industries (ASX:BIN)
are trading 1.5 per cent lower at $3.19