By Adam Clark

A shareholder of Augean PLC has withdrawn its support for Eleia Ltd.'s takeover offer, after Morgan Stanley came in with a higher bid.

Eleia, a bidding vehicle formed by Ancala Partners LLP and Fiera Infrastructure Inc., said Artemis Investment Management LLP no longer intends to vote in favor of its 325-pence-a-share offer for the U.K. waste-management company.

Artemis holds 2.18% of Augean and the withdrawal of its support reduces Eleia's committed votes in favor to 52.71% of its share capital.

On Wednesday, Augean said it had agreed to an offer from Antwerp Management Ltd., a company owned by funds managed or advised by Morgan Stanley, at 340 pence a share, or 356.9 million pounds ($491.5 million) overall. Morgan Stanley had previously offered up to 300 pence a share.

Augean shares at 1326 GMT were up 2.9% at 350 pence.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

September 09, 2021 09:58 ET (13:58 GMT)

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