Oct 26 (Reuters) - Asset manager Macquarie said on Thursday it does not intend to make an offer for London-listed Renewi, after the waste management firm rejected a revised offer.

Macquarie had in September proposed to pay 775 pence per share, which Renewi said "fundamentally undervalues" the company.

Shares in Renewi dropped 25.5% to 490 pence in afternoon trading. (Reporting by Eva Mathews in Bengaluru; Editing by Shilpi Majumdar)