Why are Bingo (BIN) shares higher today?
BIN +6%: Shares in waste management company Bingo (BIN) are leading the gainers, trading 6% better today on the backdrop of a weak market. The company has been under taker 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.
