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Renishaw Ends Formal Company Sales Process

Renishaw has announced that the formal sale process being carried out has concluded after none of the proposals received were considered satisfactory by the company. The sale process was instigated at Renishaw after executive chairman Sir David McMurtry and non-executive deputy chairman John Deer indicated their intention to sell their substantial shareholdings in the listed business.

After reviewing a number of proposals with its advisers, the Renishaw board unanimously concluded that they did not meet the objectives “of delivering an outcome that satisfactorily met the interests of all stakeholders”.

Sir David and John Deer have indicated they remain committed to Renishaw and have no intention of selling their shares on the market for the foreseeable future.

In a statement, the pair said: “At the start of this process we made it very clear that, with the board, we were focused on ensuring that we find the right new owner for our business.  Whilst the formal sale process did not result in a new owner for Renishaw, we are satisfied that it ensured a thorough and rigorous process that enabled us to evaluate a wide range of potential buyers.”

They added: “We continue to enjoy good health and as we consider the future of our shareholdings in due course, we intend to follow an orderly process that continues to take into account the interests of all stakeholders. Renishaw is a very special business with a highly successful business model and a very exciting future. We would like to thank all our employees for their dedication to the company.”

Sir David Grant, senior independent non-executive director at Renishaw, said: “I am pleased that the founders have indicated their continuing commitment to Renishaw. The business is in a strong strategic and financial position.  Renishaw and its stakeholders have every reason to look to the future with optimism and confidence.”

Renishaw PLC on Wednesday upgraded its fiscal 2021 revenue and adjusted pretax profit guidance, and said its formal sale process didn’t result in a new owner for the company.

Renishaw also upgraded its revenue forcast for the year ended June 30 which now is expected to be in the range of £562 million to £567 million ($775.4 million-$782.3 million) and adjusted pretax profit to be in the range of £116 million to £121 million.

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