British water company Severn Trent PLC has rejected a second approach by LongRiver Partners, according to a statement from Severn’s board of directors. LongRiver is a consortium comprised of Borealis Infrastructure Management, the infrastructure investment arm of Ontario Municipal Employees Retirement System, Kuwait Investment Office and U.K.-based Universities Superannuation Scheme. The latest bid valued Severn at about £5 billion, or US$7.6 billion, up from the previous US$7.2 billion valuation in May, according to Reuters. The board said the new offer failed to reflect Severn’s long-term value and potential.
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