Source: Sharecast
Macquarie, which tabled a £700m bid offer on November 28, said that due diligence was substantially complete, but it needed more time to "allow for the finalisation of internal approval processes and transaction documentation". Britain's Takeover Panel and Renewi had given consent, it added.
"Renewi shareholders are advised to continue to take no action in relation to this matter. Further announcements will be made when appropriate. There can be no certainty that any offer will be made," Renewi said.
Macquarie offered to buy the company for 870p a share in cash - a 57% premium to Renewi's closing share price of 554p on November 27.
In a joint statement at the time, the two firms said the terms of the deal were final, and Renewi had agreed to provide Macquarie with access to its books so confirmatory due diligence could be conducted. The deal came a year after Macquarie was had an 810p-share offer rebuffed by the Renewi board.
Renewi, which was known as Shanks Group until a 2017, sold its UK municipal bin-collecting business to the rival Biffa earlier this year. The company now now operates in Belgium, the Netherlands, France and Portugal, converting most of the waste it collects into “circular materials”, which it sells to its customers via the circular economy.
Reporting by Frank Prenesti for Sharecast.com