Cleanaway shares steady following EQT takeover re-confirmation

• EQT Infrastructure reconfirmed its commitment to acquire Cleanaway Waste Management under original terms.
• The indicative proposal values Cleanaway at an enterprise valuation of approximately $9.4 billion.
• Both parties are progressing due diligence towards executing a formal implementation deed.

Cleanaway Waste Management (ASX:CWY) received a written re-confirmation from EQT Infrastructure regarding its non-binding proposal to acquire 100% of the company.

The latest update follows initial confirmations provided by EQT Infrastructure on Sept. 14 and Sept. 28.

EQT Infrastructure confirmed that its due diligence review revealed no issues to halt the process, and it does not intend to reduce its cash offer price below the indicative price of $3.13 per share.

Cleanaway stated that there is no certainty the proposal will result in a binding transaction.

Following the announcement, the Cleanaway Waste Management share price was unchanged at $2.68.

The non-binding indicative proposal was originally submitted by EQT Infrastructure on Aug. 3 to acquire the business via a scheme of arrangement.