Pinewood Studios accepts £323 million takeover
BUCKINGHAMSHIREBASED Pinewood Studios, home to the James Bond movie franchise – has accepted a £323million takeover offer.
The famous Iver movie studios – where parts of the Harry Potter series and the most recent Star Wars were also filmed – said it needed to fund ambitious expansion plans.
In a statement, Pinewood said it was recommending a cash offer by Aermont Capital, a London-based independent asset management business.
Under the deal, shareholders will receive 560p in cash per share, as well as a 3.2p dividend.
The value is a 31 per cent premium on Pinewood’s closing price of 430p on February 9, before it hired investment bank Rothschild to begin a strategic review.
Chairman of Pinewood Lord Grade of Yarmouth CBE said: “The Board believes that Bidco [a company incorporated under the laws of England and Wales for the purposes of the offer] can provide Pinewood with the platform required for future growth. The Board is encouraged by the commitment Bidco has shown to management, to Pinewood’s strategy for growth, and to the future of the iconic Pinewood Studios.
“The Board believes that this transaction provides our shareholders with an attractive offer. Moreover the Board believes that following the transaction, Pinewood and clients will benefit from greater opportunities in the years ahead and the Board intends to recommend the offer unanimously.”
Commenting on the offer managing partner of Aermont Léon Bressler said: “Pinewood is an iconic brand at the heart of the global creative industries.
“The transformation of the business in recent years has been considerable and it is clear that there are more ambitions to be realised.
“We look forward to working with Pinewood’s management team to deliver their compelling strategy for future growth, both in the UK and internationally.”