Antwerp Management Limited, a subsidiary of Morgan Stanley Infrastructure (MSI), has submitted an improved bid of GBP3.40 (US$4.70) per share to acquire Augean.

The new offer of MSI values the company at GBP356.90 million (US$495.11 million) and has topped the rival offer from the Eleia consortium. The board of Augean will consider the proposed offer and urge the shareholders to vote.

Augean is a specialist waste and resource management group, focused on serving such sectors as hazardous waste management, oil and gas industry, and nuclear and radioactive sector. The group operates at locations across the UK from Avonmouth to Shetland.