The Octogenarian founders and two largest shareholders of 海角视频 engineering giant Renishaw are planning to sell their stakes in the company.
Executive chair Sir David McMurtry and non-executive deputy chair John Deer, who set up the Gloucestershire-based FTSE 250 business nearly 50 years ago, said they wanted to "secure the future" of the firm.
The duo said they would sell their combined 53% holding in the Wotton-under-Edge company, which makes precision measurement and health equipment, prompting the board to explore a takeover.
READ MORE: {}
In a statement, the founders acknowledged Renishaw's "place in the community" and "staff loyalty" as foundations for its success over the years.
"We are both grateful for our continued good health, however we recognise that neither of us is getting any younger," the pair told BusinessLive's sister site .
"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.
"As the founders of Renishaw, we understand the importance of Renishaw's culture, our place in the communities in which we operate, our commitment to research and development, and the loyalty of our staff, our suppliers, and the customers we serve; these together have been the foundation of our success for almost 50 years.
Most Read
"With the board, we are therefore focused on ensuring that we find the right new owner for our business - one who respects and will continue to nurture these important attributes."
Sir David Grant, senior independent non-executive director at Renishaw, added: "David and John have been exceptional stewards and majority holders of Renishaw as evidenced by the company's long-term track record of innovation, success and value creation.
"Following the indication from David and John that they would like to sell their shares, my fellow directors and I have thoroughly considered various alternatives in partnership with our advisers.
Sign up for more business news straight to your inbox
Stay up to date with our daily newsletter, email breaking news alerts and weekly round-ups. To sign up, find out more and see all of our newsletters, follow the link here
"In considering these options the board, including David and John, has had regard to the interests of all the company's stakeholders.
"The board has unanimously concluded that it would be appropriate to investigate the sale of the company and is therefore launching a formal sale process."
"The board intends to seek a buyer who will recognise the value of Renishaw as an innovation-led business and 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."
At the time of publication, shares in Renishaw jumped more than 17% to an all time high following the announcement today (March 2).