By Jaime Llinares Taboada

 

Morgan Stanley has raised its takeover offer for U.K. waste-management company Augean PLC to 356.9 million pounds ($492.0 million), outbidding Ancala Partners LLP and Fiera Infrastructure Inc.

Augean said Wednesday that it has agreed to a 340 pence-a-share offer from Antwerp Management Ltd., a company owned by funds managed or advised by the U.S. investment bank.

The Morgan Stanley offer represents a premium of 15 pence to the 325-pence offer that Augean agreed on in late August with Ancala and Fiera. Morgan Stanley had previously made an offer of up to 300 pence.

Augean said its directors consider the increased Morgan Stanley offer to be fair and reasonable, and intend to recommend shareholders to vote in favor of the transaction. Therefore, the company has withdrawn its recommendation of the Ancala-Fiera offer.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

September 08, 2021 12:01 ET (16:01 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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