Renewi shareholders approve takeover by Macquarie at meetings

(Alliance News) - Renewi PLC on Wednesday said its proposed takeover by Macquarie Group Ltd has been approved by shareholders at its court and general meetings.

Renewi is a FTSE 250-listed waste management company based in Milton Keynes, England. Macquarie is a Sydney-listed investment bank and financial services firm.

The firm said 92% of shareholders at the court meeting voted in favour of the takeover, with 99.9% agreeing at the general meeting.

The acquisition offer valued Renewi at around GBP707 million, with Renewi shareholders entitled to receive 870 pence per share under the terms of the deal.

This represents a premium of around 57% to the 554p closing price of Renewi shares on November 27, which was the last day of trading prior to the start of the offer period.

Renewi said it expects the takeover to complete during the second quarter of 2025.

The deal follows Macquarie's ruling out the possibility of an offer in October 2023, after multiple attempts to engage with Renewi. In September 2023, Macquarie had said it was considering making a takeover offer worth GBP636 million, but Renewi rejected the price as being too low.

Renewi shares closed up 0.1% at 856.00 pence in London on Wednesday afternoon, while Macquarie shares were 0.5% higher at AUD205.63 in Sydney.

By Michael Hennessey, Alliance News reporter

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