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FTSE 250-listed Renewi PLC said it would recommend a new takeover proposal worth over £700 million from Macquarie Asset Management should a firm offer materialise. Macquarie Asset Management announced a ‘final possible cash offer’ on Thursday, which valued the Milton Keynes, England-based waste management company at around £700.9 million. The offer comes over a year after the suitor walked away, following previous approaches being rebuffed. Renewi said the offer ‘is at a value that the board would be minded to recommend’ to shareholders. Macquarie Asset Management, part of Sydney-listed Macquarie Group Ltd, said the final possible offer of 870 pence per share follows several approaches to Renewi and the announcement comes ‘in response to press speculation’. The offer represents a premium of 57% to Renewi’s closing share price of 554.00 pence on Wednesday. Shares in Renewi surged 45% to 804.00 pence in London on Thursday morning after the announcement. If the offer is implemented Macquarie said it intends to ‘provide support and capital to Renewi to further implement its current strategy as a pure-play waste-to-product company for the benefit of all its stakeholders’. Macquarie said it has the support of shareholders owning roughly 15% of Renewi. In October 2023, Macquarie ruled out making an offer after multiple attempts to engage with Renewi. In September 2023, Macquarie said it was considering making a takeover offer worth £636 million, but Renewi rejected the price too low. Macquarie is required to announce a firm intention to make an offer or announce that it does not intend to make an offer by December 26. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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