(Alliance News) -Â Engineering firm Renishaw PLC is struggling to attract takeover interest due to a steep price tag and list of ownership demands, Bloomberg reported on Monday evening.
Renishaw shares were down 6.3% at 5,650.00 pence in London on Tuesday, giving the company a market capitalisation of GBP4.1 billion.
Rival engineering companies Hexagon AB, Schneider Electric SE and Siemens AG all decided going after Renishaw, Bloomberg reported, citing people familiar with the matter. The people said bidders have been put off by a high valuation.
The company could struggle to seal a sale at a premium to its current share price, the people said.
https://www.bloomberg.com/news/articles/2021-05-10/renishaw-is-said-to-face-uphill-battle-to-sell-over-steep-price
Renishaw put itself up for sale in March. Executive Chair David McMurtry and Non-Executive Deputy Chair John Deer, the company's founders, said they intend to sell their "very substantial" shareholdings in Renishaw. Together, the founders own around 53% of the group, and have expressed a preference for the disposal of their entire combined shareholding.
By Lucy Heming;Â lucyheming@alliancenews.com
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Renishaw (RSW)
