Coventry-based water company Severn Trent, has rejected a preliminary takeover offer from several international investors, including Borealis infrastructure and the Kuwait Investment Office, saying the offer undervalued the business.
"The board of Severn Trent has reviewed the proposal with its advisers and concluded that it completely fails to recognise the existing and potential value of Severn Trent," the company said.
On Tuesday, the water company announced it had received a takeover approach. Financial News magazine reported that it could be around £5billion.
More top news
Dry morning with plenty of sunshine. Cloud will gradually thicken into the evening but it will remain largely dry.
It will be a fine morning with sunshine but cloud will increase with patchy light rain reaching some areas throughout the day.
Police say that he has been taken to hospital but his injuries are not thought to be life-threatening.