Renaissance hires strategic adviser, says low stock price may spur takeover

Tue, 27 Nov 2012

Nov. 27 (BusinessDesk) - Renaissance Corp, which shrank its balance sheet with the sale of its IT distribution business, has hired Grant Samuel & Associates for a strategic review, saying its weak share price leaves the company vulnerable to a takeover. The shares last traded at 15 cents, valuing the Auckland-based company at $6.3 million. The stock has about halved in value in the past two years. The directors “believe that the current share price of the company is substantially below the value of its component divisions,” it said in a stat...

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