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
James Bond's favourite car brand, the Aston Martin, has launched its latest model at its Warwickshire factory - the DB11.
His defence argued: "He's been a dog lover all his life. He will go to his grave denying he threw his dog out the window."
The woman had passed out on the motorway while her baby sat in the back seat.