Morgan Stanley Infrastructure Partners (MSIP) has wrestled back control of the battle to buyout waste management firm Augean.
In a statement, the London-listed firm said that the US bank’s subsidiary had upped its bid from 300p to 340p per share, topping a rival offer from consortium Eleia.
Having switched their allegiance to the the latter, Augean’s board is now urging shareholders to vote for the “superior” proposal.
MSIP’s new bid values the waste company at £356.9m. It said it offered a more-than-50 per cent premium on its closing price on 26 May.
Augean, which was founded in 2004, offers waste management services to companies in a range of sectors including oil, gas, and the nuclear industries.
It is named after the fifth labour of Greek hero Heracles, who was forced to clean the filthy stables of King Augeas, which he did by rerouting two rivers.
In a statement, Augean said: “MSIP is interested in the opportunity to gain exposure to the UK hazardous waste market and views Augean as an attractive company operating in this sector, focussing on the energy from waste, construction, industrial and nuclear end markets.
“MSIP believes that Augean is a high quality business with a network of strategically located facilities, a well-known and respected brand, and a customer base operating on long-term contracts.”
The firm cited Augean’s “extensive experience” of investing in UK infrastructure firms, such as rolling stock firm Eversholt and water company Affinity.