£636m takeover bid launched for Doncaster Council waste management firm

Milton Keynes-based Renewi has turned down the bid from Macquarie saying its 775p per share offer 'fundamentally undervalues' the company.

But Macquarie published its proposal anyway, and urged the Renewi board to 'engage constructively' about a deal.

Renewi provides waste management services to six UK local authorities, including Doncaster, Cumbria, and east London, although most of its business is in the Netherlands and Belgium.

The company, which has 6,000 employees and 174 sites across Europe, turns waste into paper, metal, plastic, building materials, compost and energy.

Going public after the rejection, the Australian group said: 'Macquarie invites the board to engage constructively to agree the terms of a recommended transaction to be put forward to Renewi's shareholders.

But a Renewi spokesman said: 'The board strongly urges shareholders to take no action at this time.'