|
Renold PLC on Tuesday confirmed it has received two separate all-cash takeover proposals from private equity firms, both at a premium to its current share price. The latest versions of the two proposals were for 81 pence per share and 77p, respectively, Renold said. In response, its shares jumped 37% to 74.86p in London on Tuesday morning, giving the company a market capitalisation of £171.1 million. Renold is a Manchester, England-based supplier of industrial chains and related power-transmission products. It said the two separate takeover proposals were unsolicited and non-binding. One is from a consortium of Buckthorn Partners LLP and One Equity Partners IX LP. The other is from Webster Industries Inc, which is majority owned by a fund managed and controlled by Morgenthaler Private Equity. The consortium’s latest proposal is 81p per share, while Webster’s is 77p. Each of these followed ‘several previous proposals’, Renold said. Renold said it is engaging with both suitors, providing them with access to management and due diligence information. They have a deadline of June 17 to state a firm intention to make a takeover offer. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
