Dutch waste management group Renewi and Macquarie Asset Management announce that they have reached "preliminary agreement on the financial terms of a potential acquisition of the entire share capital of Renewi by Macquarie". Under the agreement, shareholders of Renewi, which is listed at the London Stock Exchange, would receive 870 pence per Renewi share in cash, putting the total value of the transaction at £700m. This is equivalent to about €840m at current rates of exchange.
Last year, Renewi had rejected a non-binding possible offer from Macquarie which was initially set at 775 pence per share and then raised to 810 pence per share. Today, the company said that the current proposal is "at a value that the Board would be minded to recommend to Renewi shareholders" if a firm offer was made. The company's board has also agreed to "provide Macquarie with access to confirmatory due diligence"....
