Macquarie girds for $1.2b takeover battle with European waster company Renewi

Belgique Nouvelles Nouvelles

Macquarie girds for $1.2b takeover battle with European waster company Renewi
Belgique Dernières Nouvelles,Belgique Actualités

The target, Renewi, has knocked back the unsolicited bid, as limelight-shy Macquarie makes an atypical attempt to take a listed company private.

| Macquarie has taken the unusual step of making a public and hostile takeover bid for a listed company, the European waste management group Renewi, only to be firmly rebuffed.

The potential offer of £7.75 a share represented a premium of more than 50 per cent to the pre-bid share price, according to Macquarie. Under British takeover law, Macquarie has until October 26 to turn its proposed offer into a firm bid, unless Renewi extends the time period. Unsurprisingly, Renewi’s share price surged after the bid went public. Within an hour, it had bolted from £5.10 to £7.07, and on Friday the stock closed at £7.37. This cut the premium in Macquarie’s offer to just 5 per cent, but may signal shareholder expectation that the deal will go through.

 

Belgique Dernières Nouvelles, Belgique Actualités



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