Australian Bingo Industries to be acquired by Macquarie for $1.8 billion

Adds offer details, offer history, sector

April 27 (Reuters)bingo industries BIN.AX announced on Tuesday that it had agreed to be bought out by funds managed by Macquarie Group MQG.AX for A$2.3 billion ($1.79 billion) three months after the waste management company received the takeover proposal.

The deal also previously included private equity firm CPE Capital, which reportedly recently gave up the takeover.

The bid comes at a time when the Australian government is injecting stimulus into the recycling and construction sectors and pushing infrastructure investment as the economy reopens from coronavirus-induced lockdowns.

Bingo investors will have the option of receiving either A$3.45 per share in cash for each unit held, or a combination of cash and unlisted shares, it said in a statement.

The company also intends to declare a special fully franked dividend of up to $0.117 per share prior to the closing of the transaction.

($1 = 1.2824 Australian dollars)

(Reporting by Arundhati Dutta in Bengaluru; Editing by Aditya Soni)

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