Shares in Renewi, a leading player in Europe's recycling sector, plummeted 18% to close at 540 pence on Thursday, after hitting a low of 482.50 pence. This sharp decline followed the decision by Macquarie Asset Management to withdraw from making a formal acquisition bid for the company.
Macquarie's engagement with Renewi involved multiple attempts, including a non-binding proposal of 810 pence per share and an earlier offer of $770.8 million or 775 pence per share made on September 28. These offers were dismissed by Renewi's board, which felt that they "fundamentally undervalue" the company. The board hinted at the potential for formal engagement should better pricing be offered.
Despite the setback from Macquarie's withdrawal, Renewi reaffirmed its commitment to delivering "attractive profitable growth" as a "pure play market leader" in Europe's recycling sector. The company's focus remains on its strategic objectives, even as it navigates through this turbulent period in its corporate trajectory.
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