Waste management group Bingo Industries has entered a scheme for a $2.3 billion takeover offer from Macquarie Group, with the latter saying it can grow the business.
Bingo on Tuesday said it had entered the scheme with a company owned by Macquarie Infrastructure and Real Assets (MIRA), called Recycle and Resource Operations, to sell all shares for $3.45 each.
Shareholders may opt for a cash and unlisted scrip alternative. This consists $3.30 per share, including $1.32 in cash and the remainder in unlisted scrip in Recycle and Resource Operations.
A Bingo committee formed in January to consider the offer has encouraged shareholders to accept.
Shareholders are expected to vote on the offer in July.
MIRA head of Asia Pacific Frank Kwok said MIRA had significant experience investing in and operating waste management businesses, and was keen to grow the Bingo business.
Shares in Bingo were higher by 6.56 per cent to $3.41 at 1133 AEST.
Shares in Macquarie were higher by 0.29 per cent to $158.70.
