After-market yesterday we saw private equity firm CPE Capital (the old Champ) bid $2.5bn for waste management business Bingo (BIN) at ~$3.50 a share, a 27% premium which feels healthy. It will be interesting to see how this non-binding agreement unfolds but my initial reaction is that it seems a friendly bid so far with a strong premium to last close. It feels like BIN may test all-time highs today.
MM is neutral BIN around $3.50.
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