The value of UK DMS and software provider Pinewood surged following the confirmation by the company that it is in takeover talks with private equity firm Apax Partners.
Pinewood said Apax Partners could offer a possible cash offer of 500 pence per share for the entire issued and to be issued share capital of Pinewood.AI, valuing the company at $792m (£575m)
As an alternative to receiving cash, the possible offer will include an unlisted partial share alternative.
It said the move follows a number of earlier approaches from Apax to the Board regarding a possible cash offer for Pinewood.AI.
It said if Apax does go ahead with a firm bid it would recommend the deal to Pinewood shareholders.
There can be no certainty that any firm offer will be made. A further announcement will be made if and when appropriate.
Pinewood used to be owned by Pendragon before the dealer group was sold to the US dealer group Lithia. The Pinewood business remained separate under CEO Bill Berman, who was interviewed in Motor Trader in August 2023
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