Shanks Group has received a £535m ($882m) unsolicited takeover approach from Carlyle Group, the US buy-out firm, prompting the UK waste management company and its two top shareholders to call for a sweetened offer. Carlyle made a preliminary approach worth 135p a share, a premium of 50% to Shanks’ 90.1p closing price on Friday. The shares surged 43% on Monday to 128½p. The group said key shareholders Legal and General and Schroeders agreed that a cash offer of 150p a share or more would deliver “an appropriate value to shareholders”.

This entry was posted by Gwen Robinson on Tuesday, December 8th, 2009 at 4:50 and is filed under Capital markets, M&A, Private equity. Tagged with carlyle, legal and general, Schroeders, shanks. Edit this entry.