Pinewood Technologies shares surge on possible 575 million pound takeover deal by Apax Partners

Pinewood Technologies Group plc PINE.Lshares surged as much as 28 percent on Friday following an announcement that it is set to agree to a #575.5 million takeover deal with the private equity firm Apax Partners. The proposed transaction would see Apax Partners acquire the United Kingdom GBbased software provider at a price of 500 pence per share. This potential deal remains conditional on the private equity firm tabling a formal offer.

The proposed acquisition price of 500 pence per share represents a premium of nearly 30 percent compared to the closing price of the stock on Thursday. Following the announcement, the share price jump established Pinewood Technologies Group plcas the top gainer across all London stocks during Friday trading. The market reaction reflected significant investor interest in the valuation established by the potential offer while the formal window for a bid remains open.