Renewi, a waste-management company, experienced a decline in its shares following an announcement from Macquarie Asset Management. Macquarie confirmed that it has no plans to make a formal offer for Renewi, resulting in a decrease of 18% in share prices on Thursday. The shares fell to a low of 482.50 pence shortly after the announcement.
Non-Binding Proposal from Macquarie Rejected by Renewi’s Board
On Wednesday, Renewi’s board received a non-binding proposal from Macquarie. The proposal suggested an indicative offer value of 810 pence per share. However, the board rejected this revised proposal, stating that it still undervalued Renewi and its future prospects. Renewi conveyed to Macquarie that formal engagement was possible, but subject to a higher price.
Macquarie Unable to Make Offer Due to Lack of Engagement with Renewi’s Board
Macquarie had previously attempted to engage with Renewi’s board on multiple occasions, including the submission of a revised proposal. However, all attempts were rejected by the board. As a result, Macquarie stated that it does not feel sufficiently informed to make an offer for Renewi.
Renewi Remains Confident in its Future Prospects
Renewi expressed confidence in its future prospects as a market leader in Europe’s advanced recycling markets. The company is committed to realizing attractive and profitable growth as part of its strategic plan.