VP PLC (LSE:VP.) (VP PLC (LSE:VP.)) has put itself up for sale, sending its share price 14% higher to 938p.
Controlling shareholder Ackers P Investment Company Limited, which holds 50.26% of the equipment rental specialist, indicated it wishes to explore options for disposing of all its shares.
Jeremy Pilkington, Vp's chair, who is connected with the controlling shareholder, said: "Vp's controlling shareholder, a company connected to me, has decided that it wishes to diversify its investments. This does not in any way reflect a dissatisfaction with the company or its direction.,"
"Indeed, they are strongly supportive of management and highly satisfied by the continuing strong performance of the group. But they do have to take into account their current and future obligations to my family as a whole."
The company says it is not in discussions with, nor has it received an approach from any potential acquirer.
According to the statement, the plan is to look for a buyer that will "respect Vp's unique heritage, family culture and committed employee base, and enable the company to continue to prosper in the long term."
Vp was founded in 1954 and floated in 1973.