Shares of Manchester industrial chain and power transmission firm Renold plc soared after the company confirmed it has received two separate “unsolicited and non-binding” cash takeover proposals. 

Renold shares rose about 40% to around 76p to give the firm a current stock market value of roughly £172 million.

The firm said in a stock exchange statement: “The Board of Renold notes the recent press speculation and confirms that it has received two separate unsolicited and non-binding all-cash proposals from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P., and Webster Industries, Inc, a company majority-owned by a fund managed and controlled by Morgenthaler Private Equity (MPE), to acquire the entire issued and to be issued share capital of Renold.

“The Consortium’s latest proposal is at a price of 81 pence per Renold share, and Webster’s latest proposal is at a price of 77 pence per Renold share, and each follows several previous proposals.

“Both the Consortium Proposal and the Webster Proposal are subject to the satisfaction or waiver of a number of customary pre-conditions. The Board of Renold is currently engaging with both the Consortium and Webster, including providing them with access to management and diligence information.

“There can be no certainty that an offer will be made, or as to the terms of any such offer.

“In accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 17 June 2025, each of the Consortium and Webster must either announce a firm intention to make an offer for Renold in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Renold, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

“This announcement is made without the agreement or approval of the Consortium or Webster.”