LONDON (ShareCast) - (Sharecast News) - A consortium of private equity firms Buckthorn Partners and One Equity said on Wednesday that they were not planning to make a firm offer for AIM-listed industrial chain maker Renold.
The company announced last Friday that it had agreed to be bought by MPE - the owner of Webster Industries - in a £186.7m deal. The price of 82p per share in cash represents a 50% premium to the closing share price of Renold on 19 May, which was the last business day prior to the start of the offer period.

Renold chairman David Landless said at the time: "Renold is a leading designer, engineer, manufacturer and supplier of premium, high specification industrial chain and torque transmission products with a large number of international customers, across a broad range of industrial power transmission and conveyor system markets.

"The Renold board believes that the offer not only represents a significant premium and provides shareholders with the certainty of a cash consideration but also provides an opportunity to deliver on our strategy more quickly."

Renold announced in May that it had received two separate unsolicited proposals, one from the consortium and one from MPE.

The consortium's proposal at the time was 81p per share, while Webster's was 77p a share and each followed several previous proposals.

At 1505 BST, Renold shares were down 3.3% at 82p.

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