Shares in heavy machine guns manufacturer Manroy jumped by more than one-third after it revealed that it had been approached by three arms manufacturers.
The potential bidders are Beretta, Herstal and US Ordnance. Beretta is a holding company supplying light firearms, opto-electronics and defence equipment (http://www.berettaholding.com/en/).
Herstal is the other European guns manufacturer interested in bidding (http://www.herstalgroup.com/english/). Herstal also has manufacturing plants in the US and Japan and brands include Winchester and Browning.
Nevada-based US Ordnance Inc supplies machine guns and small arms (www.usord.com).
Manroy has businesses in the UK and US.
Manroy floated at 75p a share three years ago and the share price has moved back to 75.5p a share, which values Manroy at £14.4m. The lumpy nature of the business has hit the share price performance. A European government customer orders a further €2.1m (£1.8m) of heavy machine gun spares, which follows on from a 1.7m (£1.4m) order in September.
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