Renishaw plc reject all takeover offers

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British engineering giant Renishaw plc has today announced that it has rejected all takeover offers.

The Board of Renishaw revealed that it has unanimously decided to conclude the formal sales process after carefully reviewing a number of proposals with its advisers.

They decided that none of the takeover offers would meet the Board’s objectives of delivering an outcome that satisfactorily met the interests of all stakeholders.

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

The firm has seen a strong trading performance in the final quarter of the financial year ended 30 June 2021 and finished the year with a record order book. They now expect revenue for the year ended 30 June 2021 to be in the range of £562m to £567m and adjusted profit before tax to be in the range of £116m to £121m.

Sir David McMurtry, Executive Chairman of Renishaw, and John Deer, Non-Executive Deputy Chairman, commented: “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. We remain fully committed to Renishaw and have indicated to the Board that we have no intention of selling our shares on the market for the foreseeable future. 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.”

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