Macquarie Asset Management is considering making an offer for European waste management company Renewi after the company’s board rejected a £636m (€736m) offer proposal from Macquarie earlier this week.

Macquarie said it made the proposal on 25 September by offering 775p per Renewi share, a 52% premium to Wednesday’s closing price.

Macquarie said it is inviting the board to “engage constructively to agree the terms of a recommended transaction to be put forward to Renewi’s shareholders”.

London Stock Exchange and Euronext Amsterdam-listed Renewi operates 154 sites located in the Netherlands, Belgium, UK, France and Portugal, across three business divisions.

Renewi’s London shares traded at 702.7p, up 38.06%, valuing the company at £570.5m.

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