Renishaw PLC (LON:RSW) announced it is putting itself up for sale after the founders told the board they want to offload their stake.
Executive chairman David McMurtry and non-executive deputy chairman John Deer are looking to sell their entire holdings, which combined represent 53% of the high-precision healthcare technology group.
The firm, which was founded in 1973, said it is seeking 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”.
It added it is not in discussions with any potential bidders at the moment, while there is no certainty an offer will be made.
“We are both grateful for our continued good health, however we recognise that neither of us is getting any younger,” the founders said in a release.
“Now finding ourselves in our 80s, our thoughts have increasingly turned to considering the future of our shareholdings in the company and how we can actively contribute to securing the future success of the business. With that in mind, we approached the rest of the board to indicate that we felt the time was now right to discuss the best way to achieve this.”