Shares in waste services group Biffa dropped by 10% in early trading today after the company admitted its rejection of a public-to-private buyout offer in early September.

Shares in Biffa, the UK-listed company spun off from water utility Severn Trent last year, were down 32p per share at 292.85p each as at 9.49 GMT to give it a market capitalisation of £1bn (€1.4bn).