Pinewood Technologies Board Considers £545M Takeover by Ridgeview Partners
Shares of Pinewood Technologies surged 32% to 416p after the board indicated support for a potential £545 million takeover offer from technology investor Ridgeview Partners. The proposal involves paying 448p per share, representing a 43% premium over Thursday's closing price and a 64% increase compared to the three-month average. The board noted that accepting the bid would allow shareholders immediate cash at an attractive valuation or provide them with the option to roll part of their stake into an unlisted vehicle managed by Ridgeview, limited to £250 million. Shareholders holding nearly half (48.7%) of Pinewood's shares have expressed support for the offer. Ridgeview aims to privatize Pinewood to accelerate its North American expansion and acquisition strategy. The proposal is non-binding with a deadline on 21 August for Ridgeview to make an official bid.
Topics: automotive software share price movement takeover bid