Macquarie says no longer considering to make offer to Renewi

(Reuters) – Asset manager Macquarie said on Thursday it did not intend to make an offer for London-listed Renewi, sending the waste management firm’s shares tumbling more than 26% in afternoon trade.

Macquarie in September proposed to pay 775 pence per share, which Renewi had said “fundamentally undervalued” the company.

Following multiple attempts to engage with Renewi’s board, all of which were rejected, Macquarie said it was not in an informed position to make an offer for the firm.

Shares in Renewi were trading down at 486.5 pence by 1256 GMT. Since announcing Macquarie’s offer, they have risen over 29%.

(This story has been corrected to fix time stamp of share movement, in paragraph 4)

(Reporting by Eva Mathews in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)