Private equity firm MPE Bidco to buy UK's Renold for $252.61 million

June 13 (Reuters) - U.S. private equity firm MPE Mgt Co-backed MPE Bidco said on Friday it will buy British industrial machinery and equipment maker Renold RNO.L in a 186.7 million pound ($252.61 million) cash deal.

Under the terms of the agreement, each Renold shareholder will receive 82 pence in cash for each ordinary share, representing a 50% premium to the company's closing price of 54.6 pence on May 19, the day before the offer was made.

Renold directors intend to recommend that shareholders vote in favor of the agreement and expect the agreement to come to effect in the last quarter of 2025.

($1 = 0.7391 pounds)