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  • BY: Andrew Hore |
  • POSTED: 09/05/2014 |

Wheeled bins and recycling containers supplier Straight is holding a shareholder meeting on 9 June to gain approval for the takeover by One51.

The bid is via a scheme of arrangement which has to be agreed at a general meeting. Ireland-based rival One51 is offering 78p a share in cash, which values Straight at 10.7m. There are irrevocable undertakings equivalent to 48.7%.

The share price was 47p a share prior to the announcement of the bid approach.

One51 ( already owns MGB Plastics, which it says is the UKs leading manufacturer of wheeled bins and recycling containers, and recycling and waste management services provider ClearCircle Environmental. One51 increased its revenues from 301.6m to 345.9m in 2013 while also returning to profit in the year. Net debt was 40.3m at the end of 2013 and there are additional debt facilities available to finance the bid. 

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