Pinewood Stu­dios ac­cepts £323 mil­lion takeover

Buckinghamshire Advertiser - - NEWS -

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.”

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