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Augean To Recommend Eleia's Superior Cash Offer Of 372p/share

Eleia Limited, indirectly owned by a consortium of Ancala Partners LLP, and Fiera Infrastructure Inc., Thursday announced that Augean plc (AUG.L) Board views the increased Eleia offer at 372 pence per share in cash as superior to the offer by Antwerp Management Limited or MSIP Bidco, owned by Morgan Stanley.

The revised Eleia offer values Augean, a hazardous waste treatment and disposal company, at around 390 million pounds.

The Augean Board now intends to provide its unanimous recommendation to the revised Eleia offer, and withdrew their recommendation of the offer by MSIP Bidco.

Eleia and MSIP Bidco participated in an auction procedure on September 22, to determine their respective offers for Augean.

The Augean Directors now consider the terms of the increased Eleia Offer to be fair and reasonable.

The revised Eleia offer represents a premium of approximately 3 percent to the increased offer price of 361 pence per Augean Share offered by MSIP Bidco.

The price also represents a premium of 68.5 percent to the Company's daily volume weighted average share price of 220.8 pence per Augean Share for the two-month period ended on May 26, being the last Business Day before the commencement of the O?er Period.

Eleia's previous offer was 325 pence in cash for each Augean share.

In London, Augean shares are now trading at 368.25 pence, up 0.20 percent.

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