Macquarie says no longer considering to make offer to Renewi (updated)
26/10/2023 14:10
(Adds details from the statement in paragraph 3; updates share
movement)
Oct 26 (Reuters) - Asset manager Macquarie MQG.AX said
on Thursday it did not intend to make an offer for London-listed
Renewi RWI.L , sending the waste management firm's shares
tumbling more than 26% in afternoon trade.
Macquarie in September proposed to pay 775 pence per share,
which Renewi had said "fundamentally undervalued" the company.
Following multiple attempts to engage with Renewi's board,
all of which were rejected, Macquarie said it was not in an
informed position to make an offer for the firm.
Shares in Renewi were trading down at 486.5 pence by 1456
GMT. Since announcing Macquarie's offer, they have risen over
29%.
(Reporting by Eva Mathews in Bengaluru; Editing by Shilpi
Majumdar and Shinjini Ganguli)
((Eva.Mathews@thomsonreuters.com;))