BIN +6.25%: Shares in waste management company Bingo (BIN) lead the gains today against the backdrop of a weak market. The company has been under take over from Macquarie’s infrastructure arm MIRA since early in the year with the deal finally looking to wrap up. Holders will have the option of either $3.45/share in cash or a mix of $1.32/share in cash plus a share in the new unlisted entity. Back in January when the deal was announced it represented a 26% premium to market, now shares trade at just a 1.4% discount with plenty of shareholders happy to take the cash on market and run.
If we still held, we’d wait for the deal to complete rather than sell on-market
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