Under the terms of the deal, Pinewood shareholders will receive £4.48 per share in cash, representing a 43% premium to the company’s closing share price on July 23, the day before the proposal was tabled
International News via Reuters:
Pinewood Technologies has agreed to U.S. private equity firm Ridgeview’s £545 million ($738.86 million) takeover offer, the British company said on Wednesday, adding to a string of take-private deals for UK-listed firms.
Here are some details:
• Under the terms of the deal, Pinewood shareholders will receive £4.48 per share in cash, representing a 43% premium to the company’s closing share price on July 23, the day before the proposal was tabled.
• U.S. private equity firms continue to target UK-listed companies, attracted by lower valuations and opportunities to fund long-term growth away from the scrutiny of public markets.
• San Francisco-based Ridgeview said private ownership would give Pinewood greater flexibility to invest in data and AI-driven innovation, while supporting its expansion in North America and other markets.
• Shares of the UK company, which have gained about 22% so far this year, were trading up 3.6% at 442.5 pence as of 0828 GMT.
• In January, Pinewood said it was set to agree to a £575.5 million deal with Apax Partners if a firm offer was tabled, before the private equity firm withdrew its bid citing challenging market conditions.
($1 = 0.7376 pounds)
Reporting by Atharva Singh in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair
