Renishaw shares jump as founders look to sell up



© Reuters.

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.

Shares

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Airbnb partners with Brazil virus hotspot Sao Paulo on post-pandemic tourism

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.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here