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.
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A largely cloudy but mostly dry start.
A cloudy or misty start to the weekend, although mainly dry with sunny spells developing. Low cloud may linger in some spots.
A largely cloudy start to the weekend but mostly dry start. Through the day, some sunny spells are likely to develop.