Australia's Macquarie offers to buy UK's Renewi for $887 million (updated)
28/11/2024 10:31
(Adds details throughout)
Nov 28 (Reuters) - Asset manager Macquarie MQG.AX has
proposed to buy British waste management company Renewi RWI.L
for 700.9 million pounds ($886.78 million), the firms said on
Thursday.
Renewi shares soared as much as 47% to 816 pence, below the
proposed offer price of 870 pence per share in cash.
The possible offer, termed as a final one, followed a number
of approaches by Macquarie to Renewi and represents a 57%
premium to Renewi's closing price on Wednesday.
The companies said that they have reached an initial
agreement on the terms of the potential deal.
Macquarie, which first made its attempt to buy the British
firm last year, had walked away from its pursuit after its 810
pence per share proposal was turned down last October. Renewi
had rejected another proposal from Macquarie before that.
($1 = 0.7904 pounds)
(Reporting by Yadarisa Shabong and Prerna Bedi in Bengaluru;
Editing by Abinaya Vijayaraghavan)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))