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Pinewood Technologies in talks with PE firm Apax over 500p a share offer
(Sharecast News) - Pinewood Technologies has confirmed it is in takeover talks with private equity firm Apax Partners about a possible 500p a share cash offer that it would be minded to recommend to shareholders. Responding to press speculation late on Thursday, the company said that as an alternative to receiving cash, the possible offer will include an unlisted partial share alternative.
"This possible offer follows a number of earlier approaches from Apax to the board regarding a possible cash offer for Pinewood.AI," it said in a brief statement.
Pinewood said that "having carefully considered the terms of the possible offer together with its advisers", the board has concluded that it's at a value it would be minded to recommend to shareholders should a firm intention to make an offer be made.
The company added that there can be no certainty that any firm offer will be made.
Under UK takeover rules, Apax has until 1700 GMT on 26 February to either announce a firm intention to make an offer or walk away.
At 0817 GMT, Pinewood shares were up 23% at 473p.
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