BIFF

"Waste disposal group Biffa edged down ¼ to 365¼p as investors remained divided over whether a counterbid would emerge. Biffa has agreed to a 350p-a-share offer from a private equity consortium led by Montagu but traders have suggested that rival private equity house Terra Firma or French industrial groups Suez and Veolia could yet come in with a higher offer. Taking into account the break fee payable to Montagu, "a serious counterbid would have to take place at around 400p," according to analysts at Société Générale. They downgraded Biffa to sell from buy, arguing that even trade buyers like Suez and Veolia would find it difficult to justify such a large bid."

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/14/cxmktrep114.xml