A further extension has been given to banking giant Morgan Stanley Infrastructure to make an offer for waste management company Augean or walk away.
Augean, which has a base in Dundee, said yesterday the UK Takeover Panel granted its request for a new deadline, the second extension in under a month.
The infrastructure investment arm of the bank said in May it was considering an approach regarding a possible offer.
Under Takeover Code rules – known as “put up or shut up” – the bank had to confirm a firm intention to make an offer or announce that it does not intend to make an offer by no later than 5pm yesterday.
But with talks still ongoing, the board of Augean has a new deadline for any deal of 5pm on August 19.
Augean has a big presence in Scotland, operating from Aberdeen, Dundee, Lerwick and Peterhead.
A statement from Augean on the London Stock Exchange said: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made.
“A further announcement will be made when appropriate.”
Augean brought the first big decommissioning project to Dundee.
It provided specialised cleaning and waste management services for Shell’s floating production, storage and offloading vessel Curlew.
The vessel was at Dundee for just over a year, leaving last July.
The firm has cut more than a third of its North Sea Services workforce.
The pandemic and oil price slump hit Augean North Sea Services (ANSS) harder than any of its other branches as customers reined in decom expenditure.
Revenues for ANSS dropped 36% to £22.4m in 2020 and adjusted operating profits decreased to £1.4m from £2.6m.
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