Macquarie Asset Management has been given an extension to the deadline to announce a firm intention to make an offer for the Dutch waste management company Renewi or withdraw from the take-over project. Renewi announced on 23 December that the original deadline, which was due to expire on 26 December, had been extended to 23 January 2025.
Macquarie had requested the extension in order to allow the company to "finalise its confirmatory due diligence, and for the finalisation of detailed terms and conditions", according to Renewi. If necessary, the revised deadline may be extended again by the board of Renewi with the consent of the UK's Takeover Panel. Renewi reiterated that "there can be no certainty that any offer will be made".
The Dutch waste group and Macquarie had announced at the end of November that they had reached a preliminary agreement on the financial terms of a potential acquisition of Renewi. Under the agreement, shareholders of the waste management company, which is listed at the London Stock Exchange, would receive 870 pence per share in cash, putting the total value of the transaction at £700m, equivalent to about €840m.
In its past financial year closed on 31 March 2024, Renewi recorded a net loss of €30.9m on revenues of €1.69bn. The company closed the first half of the current financial year with a net profit of €10m on revenue of €875m.
Renewi's main business is the management of non-hazardous commercial, industrial and municipal waste in the Netherlands and Belgium. In addition, the company is active in hazardous waste treatment, in glass recycling via its subsidiary Maltha, and in recycling waste electrical and electronic equipment (WEEE) via its subsidiary Coolrec.
