Cleanaway’s bid is expected to value BMI at more than $700 million, but it would have plenty of deep-pocketed competition.
The names getting thrown around as logical bidders on Tuesday evening were Bingo Industries, Pacific Equity Partners, Stonepeak and Igneo.
But as things stood, Cleanaway’s intentions were the most fully formed while other suitors were still stewing over the details.
Cleanaway had Barrenjoey to help with due diligence and funding. The two have been getting cozy; Barrenjoey was helping it stitch up a $350 million placement just last month, partly to buy Sydney composting business Global Renewable Holdings (GRL).
Wood pellets exporter Altus Renewables has popped the bonnet for a handful of suitors, in a bid to lure a deep-pocketed buyer that could help fuel its expansion plans.
Bombora-backed video creation business 90 Seconds has sets its sights on a September listing, as IPO candidates start to think past this year’s lull and into 2023.
It’s not just debate on price holding up public M&A deals - bidders are also facing increased regulatory scrutiny, which is delaying approval times and threatening completion rates.
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