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LONDON - Renold plc (AIM:RNO) shareholders have overwhelmingly approved the recommended cash acquisition by MPE Bid Co, a newly-formed corporation indirectly controlled by funds managed by MPE Mgt. Co., LLC, according to a statement released Monday.
At meetings held Monday, Renold shareholders voted decisively in favor of the acquisition, with 93.14% of scheme shares voted supporting the deal at the Court Meeting. Additionally, 92.49% of shareholders backed the special resolution to implement the scheme at the General Meeting.
The acquisition, first announced on June 13, 2025, will be effected through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Shareholders also approved the cancellation of Renold Preference Stock, with holders to receive £1.07 per unit, by a 92.71% majority vote.
The scheme remains subject to several conditions, including regulatory approvals and final Court sanction. According to the company statement, the transaction is expected to be completed in the final quarter of 2025.
The voting results demonstrate strong shareholder support for the transaction, with 253 scheme shareholders representing 120,651,409 shares voting in favor, compared to just 35 shareholders with 8,879,574 shares opposing the deal.
Renold, which trades on London’s AIM market, will be re-registered as a private company following the completion of the acquisition, subject to the cancellation of admission to trading of the Renold Preference Stock.
The announcement was made via regulatory filing based on the results of shareholder meetings held earlier in the day.
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