LONDON: Renewi plc and Macquarie Asset Management have reached a preliminary agreement on the financial terms for Macquarie to acquire all shares of Renewi.
Shareholders of Renewi will receive 870 pence per share in cash, which is a 57% premium over Renewi’s closing share price of 554 pence on November 27, 2024, and a 41% premium over the three-month average share price of 615 pence.
This agreement follows multiple approaches by Macquarie to Renewi. The deal is subject to usual conditions, including the completion of due diligence.
If the acquisition goes through, Macquarie plans to support Renewi’s current strategy as a waste-to-product company, help with ongoing transformation programs, provide access to capital for growth, and maintain a sustainable leverage structure. Macquarie also aims to support Renewi’s sustainability goals, management team, and workforce, ensuring employee rights and consultation structures are maintained.
The Renewi Board has agreed to give Macquarie access to due diligence, indicating a positive stance towards recommending the offer to shareholders if all terms and conditions are met.
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