Carlyle confirms interest in European waste management group, Shanks
26 Dec 2009
Washington DC-based PE fund Carlyle confirmed reports that one of the funds in its control has been in preliminary talk with Milton Keynes-based Shanks about a possible cash offer.
However, it said that takeover was not a certainty at the present stage. Carlyle manages assets worth more than $80 billion.
According to the company, it was evaluating a possible cash offer for the entire issued and to be issued share capital of Shanks and had held preliminary discussions with the board of Shanks regarding its proposal.
"There can be no certainty that any offer will ultimately be made for Shanks and a further announcement will be made when appropriate,'' the company said.
If the deal goes through it would make Shanks the UK's third waste management group to be picked up a private equity fund in recent years, following the buy-outs of rivals Cory and Biffa.
Earlier this month Shanks said it had been made an offer by an unnamed company that valued it at 135 p a share, following Carlyle's approach.
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