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
Police say a woman who went missing in Nottinghamshire has been found safe.
Police warn regular drug users in Northamptonshire to be extra vigilant about what they are taking after two men died.
A man has been arrested and two people taken to hospital after what police describe as 'violent disorder' outside a nightclub.