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LONDON - Buckthorn Partners LLP announced today it does not intend to make a firm offer for Renold plc, according to a statement issued by the consortium.
The decision follows Renold’s May 20 announcement regarding a possible offer from a consortium comprising funds managed by Buckthorn Partners LLP and One Equity Partners IX, L.P.
The withdrawal was made in accordance with Rule 2.8 of the City Code on Takeovers and Mergers, which places restrictions on the consortium from making another offer for a specified period.
However, the consortium reserved the right to set aside these restrictions under certain circumstances, including if MPE Mgt. Co., LLC’s offer announced on June 13 is withdrawn or lapses, or if another third party announces a firm intention to make an offer for Renold.
The consortium also maintained its right to acquire Renold shares in accordance with the Code and other applicable regulations.
Renold, a manufacturer of industrial chains and power transmission products, has been the subject of takeover interest from multiple parties in recent weeks.
The statement was released through the London Stock Exchange (LON:LSEG)’s news service RNS, which serves as a Primary Information Provider in the United Kingdom (TADAWUL:4280).
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