Caterer to cleaning company ISS is reported to have rebuffed a £5.5bn takeover by Apax Partners in favour of a stock market flotation. Danish ISS, which is owned by EQT and Goldman Sachs, believes an initial public offering will provide better value given the ratings of listed rivals Compass and Sodexo. London based Apax has been named as one of several potential suitors for pub giant Punch Taverns, whose new chief executive Ian Dyson is currently conducting a review of the business.