Macquarie Asset Management has made a final cash offer of £700m (€841m) for European waste management firm Renewi, after an earlier £636m proposal was turned down last September.
Macquarie has made a final possible offer by offering to buy Renewi’s London Stock Exchange listed shares at 870p each, an offer that represents a 57% premium to the last closing price of 554p.
The revised offer comes after the asset manager’s proposal on September 25, 2023, offering 775p per Renewi share, which was rejected at the time.
Renewi said it intends to recommend Macquarie’s latest offer to shareholders if a formal offer is made on the proposed financial terms. As a result, the board has granted Macquarie access to conduct confirmatory due diligence.
However, Renewi advised shareholders to refrain from taking any action at this stage, adding that further updates will be provided as appropriate, though there is no guarantee that an offer will materialise.
Renewi is a recycling company specialising in recovering value from waste and used materials instead of disposing of them through incineration or landfill. The company operates 151 sites across five European countries and employs over 6,000 people. It is known as a prominent waste-to-product company in the Benelux region.
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