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Hg, Montagu have second Biffa offer rejected06/12/2007. Source: AltAssets. 
 UK-based waste services company Biffa has rejected a £1.2bn indicative offer from European private equity investors Hg Pooled Management and Montagu Private Equity for the second time 'on the basis that it materially undervalues the business and prospects of Biffa'.
Hg and Montagu offered the same amount, 330 pence per share, as on 4 September 2007.
Biffa provides waste collection, recycling and disposal services to around 75,000 local and national UK customers in the industrial, commercial and municipal sectors.
Biffa chairman, Bob Davies, said, 'The interim results we reported last week demonstrate the strong financial and operational progress Biffa is making with good growth in revenues, profit and cash flow. The Board is clear that the proposal of 330 pence per share materially undervalues the business and prospects of Biffa.'
Montagu is an independent mid-market European private equity investor, which focuses on deals between €100m and €1bn. It has offices in London, Manchester, Paris, Düsseldorf and Stockholm.
Established in 2000, Hg Pooled Management has funds under management of €2.5bn.
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