Pinewood Technologies Stock News
£4.45
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London, Sep 25, 04:35 pm BST.
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Pinewood Technologies Stock News
Shareholders of British automotive software firm Pinewood Technologies on Friday approved a £545 million ($721.14 million) take-private deal by US private equity firm Ridgeview Partners.
Pinewood Technologies Group PLC (LSE:PINE, OTCQX:PINWF, FRA:0PD0) has agreed a £545 million cash takeover by a private equity firm, the latest London-listed company to be picked off as buyers hunt for value across the UK market. The automotive software group, which trades as Pinewood.AI, will be acquired by UK Piston Bidco, a vehicle backed by Ridgeview Partners, the San Francisco technology pr...
SAN FRANCISCO--(BUSINESS WIRE)--Ridgeview Partners Announces Recommended Acquisition of Pinewood Technologies Group plc.
Britain's Pinewood Technologies said on Wednesday it had agreed to a £545 million ($738.86 million) takeover by U.S. private equity firm Ridgeview, with shareholders set to receive £4.48 per share in cash.
Pinewood Technologies Group PLC (LSE:PINE, OTCQX:PINWF, FRA:0PD0) shares jumped 32% to 416p after the automotive software company said it was minded to recommend a £545 million takeover proposal from technology investor Ridgeview Partners. Ridgeview has proposed paying 448p in cash for each Pinewood.AI share, a 43% premium to Thursday's closing price of 314p.
U.S. tech private equity firm Ridgeview offered to buy Britain's Pinewood Technologies for 448 pence per share, the companies said on Friday, valuing the automotive service provider at £545 million ($726.10 million).
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