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
Bottled water is being taken to areas in Telford which have been left with water supply issues following a cracked pipe.
Police are appealing for information over a fatal collision involving a car and a double decker bus.
Police are concerned for the welfare of a 12-year-old girl who has been missing since yesterday evening.