Pinewood Studios takeover imminent
US property investment fund Venus Grafton has launched a takeover bid for Pinewood Studios for a reported £323.3m.
Reports today suggest that the studio giant has reached agreement with London-based asset manager and investment advisor Aermont Capital for around two-thirds of Pinewood shares with the Venus Grafton offering.
It would appear that the Pinewood board is in favour of the transaction, with Broadcast quoting CEO Ivan Dunleavy as saying: “We believe that we have found the right partner for the business and one that shares our long-term vision for the future of the group.
“Pinewood’s continuing commitment to the UK’s creative industries remains as strong as ever. Staff and customers can be assured that in this new strategic partnership our priority will be to not only maintain, but build on the world-class provision of services.”
Pinewood said to the FT, as the studio’s shares fell 5% today following the takeover bid news: “Whilst the Pinewood Board continues to believe in the prospects for the business as a standalone company, the Board also recognises that the possible offer represents an attractive valuation and premium to the undisturbed share price.”
Pinewood has undergone considerable expansion in recent years, both at its flagship site in Buckinghamshire which has just seen the opening of the new sound stage known as Pinewood East, and with facilities across the world including Wales, Malaysia, Canada, Atlanta and the Dominican Republic.
Around two weeks ago Pinewood announced a very healthy profit of £13.6m for its last financial year.
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