Macquarie finalises buyout deal with Bingo (ASX:BIN)

Company News

by Michael Luu

Macquarie Infrastructure and Real Assets (MIRA) has reached a 2.3 billion buyout agreement for waste solutions firm Bingo Industries (ASX:BIN), according to an ASX announcement on Tuesday morning.

MIRA decided to persist with the deal and finalise negotiations with Bingo, after CPE Capital backed out of the Consortium for a joint buyout of the waste and recycling business.

Shareholders of the waste manager are presented with a choice between a $3.45-per-share cash consideration and a combination of cash and shares in MIRA’s unlisted waste processing business, Recycle and Resource Holdings.

The cash offer will exclude an expected fully franked special dividend of 11.7 cents for every Bingo share and any dividend declared prior to the takeover.

The substitute cash and scrip offer will bring $1.32 per share and an interest in MIRA’s waste management subsidiary, along with a 80 cents-per-share payday.

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) shot up 6.6 per cent to $3.41by 10.45 am.