19th Jun 2025 06:55
(Alliance News) - A potential suitor of Renold PLC has ruled out making a firm takeover offer, in the wake of the supplier of industrial chains and power-transmission products agreeing to a separate private equity bid.
A consortium consisting of funds managed or advised by Buckthorn Partners LLP and One Equity Partners IX LP does not "intend to make a firm offer for Renold", according to a statement on Wednesday.
Renold shares closed 4.6% lower at 80.90 pence each in London on Wednesday. It has a market capitalisation of GBP182.4 million, which has grown by 40% over the past month.
Earlier in June, Renold agreed to a GBP186.7 million takeover by MPE Bidco, a vehicle indirectly controlled by US-based private equity firm MPE Mgt Co LLC, or MPE Partners.
The deal values each Renold share at 82p.
Renold confirmed in May that it had received two unsolicited and non-binding takeover approaches from private equity suitors. One of the approaches, at 81p per share, came from the consortium of Buckthorn Partners and One Equity Partners.
The other was from Webster Industries Inc, which is majority owned by a fund managed and controlled by Morgenthaler Private Equity. The Webster bid was 77p per share.
By Eric Cunha, Alliance News news editor
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