Renishaw has put itself up for sale after the founders and two largest shareholders of the UK engineering group said that they would sell their majority stake.
Sir David McMurtry, executive chairman, and John Deer, non-executive deputy chairman, said that they would sell their combined 53 per cent holding in the FTSE 250 company, which makes precision measurement and health equipment, prompting the board to explore a takeover.
The pair started the business in 1973 and are now in their 80s.
Neither the company nor the founders are in discussions with a potential buyer but they said that they wanted to find a new owner that respected the company’s culture and heritage, commits to the local communities that it operates in and enables the firm to prosper.
“With the board, we are therefore focused on ensuring that we find the right new owner for our business — one who respects and will continue to nurture these important attributes,” the pair said.
Shares in the company reached an all-time high last month. They have since pared some of those gains but are still trading at more than double their lowest point last March. The company has a market capitalisation of £4.2bn, according to Refinitiv.