Biffa set for take over?


Sky News has reported that Biffa is up for sale.

The media outlet has said that the waste management company has asked potential bidders to table offers by the end of the day on Tuesday 24 November.

It reported that Biffa shareholders are seeking eight times annual profit from either a sale or flotation that would value the company at approximately £950 million.

Biffa is currently owned by hedge funds Angelo Gordon & Co, Avenue Capital Group and Sankaty Advisors.

Biffa was expected to announce half-year earning before interest, tax, depreciation and amortisation rose by 19% to £67.2 million. Full year profits are expected to be revised upwards to £119 million.