(Reuters) – Asset manager Macquarie has proposed to buy British waste management company Renewi for 700.9 million pounds ($886.78 million), the firms said on Thursday.
Renewi shares soared as much as 47% to 816 pence, below the proposed offer price of 870 pence per share in cash.
The possible offer, termed as a final one, followed a number of approaches by Macquarie to Renewi and represents a 57% premium to Renewi’s closing price on Wednesday.
The companies said that they have reached an initial agreement on the terms of the potential deal.
Macquarie, which first made its attempt to buy the British firm last year, had walked away from its pursuit after its 810 pence per share proposal was turned down last October. Renewi had rejected another proposal from Macquarie before that.
($1 = 0.7904 pounds)
(Reporting by Yadarisa Shabong and Prerna Bedi in Bengaluru; Editing by Abinaya Vijayaraghavan)
