Pinewood Shepperton has backed an improved takeover offer from shareholder Peel Holdings, the company behind MediaCityUK. Peel”s new offer, intended to see off a rival bid from Mohamed Al Fayed, values the business at £96m. In terms of price per share, it equates to a 200p offer.

Al Fayed”s interest had pushed Pinewood shares up to around 210p each because of the prospect of a bidding war. However Pinewood says Peel has been a supportive shareholder and its proposal will provide long-term stability.