Macquarie’s proposal for a takeover has been rejected by Renewi (ASX:RWI).

The firm’s board dismissed the proposal, made by funds managed or advised by Macquarie, with no room for reconsideration.

The company has expressed confidence in its standalone operational plan, stating it would ‘realize value for all of its stakeholders.’ To reach a conversion ratio of 40% of EBITDA by FY26, Renewi is targeting a considerable improvement in free cash generation.

The company has currently undertaken a comprehensive review of its UK Municipal business, actively exploring multiple options in the process to ideally exit this segment of its business.

The outcome of this review is expected to materialize in the first half of 2024.

Renewi is a waste-to-product recycling company, converting different types of waste into useful materials and products.