Cleanaway Waste Management receives $9.4B buyout proposal
- Cleanaway Waste Management received a conditional takeover proposal from EQT Infrastructure worth $3.13 in cash per share.
- The company's share price responded to the buyout interest with a significant market valuation adjustment.
- The board intends to recommend the proposal subject to a binding agreement following exclusive due diligence.
Cleanaway Waste Management (ASX:CWY) said that it received a non-binding indicative proposal from Swedish private equity firm EQT Infrastructure to acquire all shares for $3.13 cash each, valuing the enterprise at approximately $9.4 billion.
This offer represents a 32.1% premium over the closing price of $2.37 on Aug. 12, compared to an earlier unsolicited bid of $3 per share.
Following careful consideration and consultation with advisers, the Cleanaway Board determined it is in the best interests of shareholders to provide EQT Infrastructure with up to nine weeks of exclusive due diligence to negotiate a scheme implementation deed.
The proposal includes a potential fully franked special dividend to deliver additional value depending on individual shareholder tax positions, alongside reaffirmed FY26 underlying earnings guidance.
The board stated its intention to unanimously recommend the proposal in the absence of a superior proposal and subject to an independent expert concluding the scheme is in the best interests of shareholders.
Following the announcement, the Cleanaway Waste Management share price was up at $2.37.
The company operates a large network of waste management, industrial, and environmental services across Australia, supporting thousands of commercial and municipal clients.
Recent corporate updates from the firm have focused on streamlining operations, optimising landfill assets, and expanding recycling processing capabilities across multiple states.
