Watlington Waterworks Ltd has turned down an offer to buy the business.

The company said it had received an unsolicited confidential expression of interest from Artemis Lane LP to purchase the business.

In a statement today, issued through the Bermuda Stock Exchange, the company said: “The board of Watlington Waterworks have, after serious consideration of the offer, decided the offer was not in the best long-term interests of its customers, shareholders and employees and have decided unanimously to decline the offer.

“The board resolved that it was in the best long-term interests of Bermuda, the company, and its customers to continue its well-established long-term infrastructure strengthening designed to improve quality and reliability of product and service.”

Trading in shares of Watlington Waterworks Ltd on the Bermuda Stock Exchange was suspended on Friday, pending an announcement from the company. Trading of the stock resumed today at 1pm.