Pinewood Approves Ridgeview Takeover
Shareholders of British software firm Pinewood Technologies overwhelmingly approved a 721 million dollar take-private deal from Ridgeview Partners. The transaction values Pinewood at 4.48 pounds per share and is expected to close in October.
PINEWOOD TECHNOLOGIES GROUP shareholders in the United Kingdom approved a £545 million ($721.14 million) take-private acquisition by United States private equity firm Ridgeview Partners during Friday morning's meeting. A decisive 99.76% of votes cast backed the transaction, which values the automotive software provider at £4.48 per share in cash. The buyout highlights ongoing private equity interest in London-listed technology companies perceived as undervalued by public markets.
The deal is scheduled to become effective on October 9, concluding a competitive interest cycle that earlier saw Apax Partners withdraw a 500 pence-per-share proposal in February. Pinewood's cloud platform currently serves car dealerships and manufacturers by managing vehicle sales, customer relationships, repairs, and accounting operations. Pinewood shares have risen 24.16% year-to-date amid sustained sector-wide buyout activity.
