By Samuel Indyk
Investing.com – Renishaw (LON:) has said it is putting itself up for sale as the founders of the company look to sell their controlling stake.
Sir David McMurtry and John Deer, Executive Chairman and Non-Executive Deputy Chairman, respectively, have told the board they intend to sell their shareholdings in the engineering company and as such, the board has concluded it would be appropriate to investigate the sale of the company.
Between them, McMurtry and Deer own approximately 53% of the issued share capital of the listed company.
“The Board intends to seek a buyer who will respect the unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable the Company to continue to prosper in the long-term,” the company said in a statement to the London Stock Exchange.
Company shares reacted favourably to the news with the share price up over 17% to an all-time high. The company has said that they are not currently in discussions with any potential offeror or in receipt of a possible offer. They also note that there can be no certainty that any offer will be made.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.