Macquarie says no longer considering to make offer to Renewi (updated)
26/10/2023 18:23
(Adds response from Renewi in paragraph 3, updates shares)
Oct 26 (Reuters) - Asset manager Macquarie MQG.AX said
on Thursday it did not intend to make another offer for Renewi
RWI.L after the London-listed waste management company
rejected its sweetened bid.
Shares of Renewi fell 18.1% to close at 540 pence on
Thursday, almost giving up two-thirds of gains it recorded since
Macquarie made the first offer on Sept. 25.
Renewi said it has rejected the revised offer of 810 pence
per share it received on Wednesday as it "fundamentally
undervalues" the company. It comes after the company rejected
the initial offer of 775 pence per share.
Macquarie said that following multiple attempts to engage
with Renewi's board, all of which were rejected, it was not in
an informed position to make an offer for the firm.
Renewi said that the board remains confident in the
company's future prospects.
(Reporting by Zainab Saifuddin Saifee and Eva Mathews in
Bengaluru; Editing by Shilpi Majumdar, Shinjini Ganguli and
Shweta Agarwal)
((Eva.Mathews@thomsonreuters.com;))