Renishaw PLC- Commencement of Formal Sale Process
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Together, the Founders (and certain persons connected with them) own approximately 53% of the issued share capital of the Company and have expressed a preference for the disposal of their entire combined shareholding.
The Board has considered various options with its advisers. In considering these options the Board, including the Founders, has had regard to the interests of all the Company's stakeholders. The Board has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process for the Company.
The Board intends to seek a buyer who will respect the unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable the Company to continue to prosper in the long-term.
Since its foundation in 1973, the Company has grown into one of the world's leading engineering and scientific technology companies, with expertise in precision measurement and healthcare. At the heart of everything the Company does lies a culture of innovation and a fundamental belief that success comes from patented and innovative products and processes, high quality manufacturing, and the ability to provide local customer support in all its markets around the globe. This has resulted in a long-term track record of strong operational and financial performance, bringing significant economic and social benefits to its local communities.
UBS is acting as sole financial adviser and corporate broker to the Company in relation to the sale process.