Bingo says yes to Macquarie takeover deal

Summary

  • Bingo Industries said that it has signed a scheme implementation deed with Recycle and Resource Operations for the acquisition of all the issued shares in Bingo pursuant to a scheme of arrangement.
  • Recycle and Resource Operations is an entity owned by Macquarie Infrastructure and Real Assets and its managed funds.
  • BINGO shareholders would have the option to receive either A$3.45 cash per Bingo share, or a mixed cash and unlisted scrip alternative.

Bingo Industries Ltd (ASX:BIN) on Tuesday said that it has agreed to a takeover deal from Macquarie Infrastructure and Real Assets. The offer values Bingo’s equity at US$1.76 billion.

The waste management firm has signed a scheme implementation deed with Recycle and Resource Operations for the acquisition of all the issued shares in Bingo pursuant to a scheme of arrangement.

Recycle and Resource Operations is an entity owned by Macquarie Infrastructure and Real Assets and its managed funds.

Under the terms of the scheme, BINGO shareholders would have the option to receive either A$3.45 cash per Bingo share, or a mixed cash and unlisted scrip alternative.

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BINGO’s Board intends to declare a fully franked Special Dividend of up to A$0.117 per Bingo share prior to implementation of the Scheme, which would enable shareholders to receive additional benefits from franking credits of up to A$0.05 per Bingo share.

Source: ©  Embe2006  | Megapixl.com

Bingo’s Independent Board Committee (IBC) and other Bingo Recommending Directors unanimously recommend the Scheme.

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Additionally, Bingo shareholders electing the mixed cash and unlisted scrip alternative would be eligible for the earn-out dividend of up to A$0.80 per share.

Source: ©  Showface  | Megapixl.com

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Stock performance

On Tuesday, 27 April 2021, the stock of Bingo was trading at A$3.42, up nearly 7%, as against the previous closing on Monday, 26 April 2021. The stock has given a return of 29 per cent so far this year. Bingo competes with Pact Group Holdings Ltd (ASX:PGH), Bingo Industries Ltd (ASX:BIN), and Pro Pac Packaging Ltd (ASX:PPG).

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