Waste management company Shanks Group PLC (SKS.LN) Monday said it received a roughly GBP534 million takeover offer from a private equity group but turned it down.

The bid, pitched at 135 pence a share, represents a premium of 50% to Friday's closing price but Shanks said a bid of 150 pence a share or more would "deliver an appropriate value to shareholders."

It added it has already held "supportive discussions" with its two biggest shareholders--Legal & General Group PLC (LGEN.LN) and Schroders PLC (SDR.LN), according to FactSet.

Shanks said the offer was "highly preliminary" and unsolicited, and didn't name the bidder.

A report in the U.K.'s Daily Telegraph newspaper Dec. 7 named U.S. private equity company Carlyle Group L.P. as the bidder. A spokeswoman for Carlyle couldn't immediately be reached.

Company Web site: www.shanks.co.uk

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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