Nice rise at Shanks group today, been holding for ages in the hope of a bid. Any other holders out there?

Here's the FT piece ....

SHOULD BE 20%+ UPSIDE FROM HERE ? (IMHO)

Rumour of improved offer from Carlyle buoys Shanks
By Bryce Elder and Neil Hume

Published: January 30 2010 02:00 | Last updated: January 30 2010 02:00

Shanks Group , the waste management group, was among the top performers yesterday as the London market staged its biggest rally in nearly a month.

Its shares were up 4.9 per cent to 127p on talk that Carlyle might be prepared to sweeten its 535m takeover offer.

Carlyle was rumoured to have begun due diligence this week after indicating that it could pay about 145p per share, dealers said.

The private equity group had its preliminary 135p offer rejected in December, with Shanks management saying it believed "150p per share or more would deliver an appropriate value to shareholders".

Peel Hunts says that 2010/11 results from Shanks were 7% ahead of expectations after the waste management firm made "substantial" progress over the past 12 months, in regards to "expansion, contract wins, cash generation, cost reduction and financial stabilisation."

Pre-tax profit for the year ended 31 March was 35.2m, ahead of the Peel Hunt's estimate of 33m, despite challengng winter conditions.

The broker re-iterates its 'buy' rating and ups the target price from 138p to 140p.