Two other suitors have emerged in the $2.3 billion-plus competition for Bingo Industries, just days before CPE Capital and Macquarie and Infrastructure and Real Assets are expected to come forward with a formal offer for the company.
It is understood that one of the parties is Keppel Infrastructure and another is a strategic group based out of Europe.
It comes after DataRoom revealed on February 15 that Singapore’s Keppel Corporation, advised by Rothschild is circling.
The understanding is that the parties may be moving forward to present rival offers that could come within days.
Earlier, the thinking was that Keppel was not in the DataRoom but it is believed that the situation has since progressed to a point where parties are thought to be undertaking due diligence on the listed business.
Bingo is currently in play, after the waste management company told the market earlier this year that it had received a $3.50 per share offer from CPE Capital and Macquarie Infrastructure and Real Assets, valuing the company at about $2.3bn.
The group last are understood to have finalised their due diligence and were expected to put forward a firm offer this week.
However, holding maters up has been discussion with other interested suitors.
The understanding is that the European group is not Veolia or Suez.
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