Renewi PLC (LSE:RWI) skyrocketed almost 43% on Thursday after the waste management firm said it had agreed a preliminary takeover deal with Australia’s Macquarie.
Macquarie offered 870p a share, valuing the company the company at £700.9 million, Renewi said on Thursday.
Representing a 57% premium to its closing price on Wednesday, Renewi added it "would be minded to recommend" the offer to shareholders.
Macquarie, which previously owed crisis-struck Thames Water, had walked away over a year ago after an 810p per share offer was rejected.
Renewi shares jumped 42.8% to 791p in the wake of the announcement.