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FinancePinewood Technologies shares surge 32% as board backs Ridgeview Partners' £545 mln takeover bid
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Pinewood Technologies Group PLC shares surged 32% to 416p after its board indicated it would recommend a £545 million takeover proposal from technology investor Ridgeview Partners. Ridgeview has offered 448p per share in cash, a 43% premium over the previous closing price of 314p and 64% above the three-month average. The board stated the offer provides shareholders immediate cash value that might take years to achieve through organic growth. Shareholders can alternatively roll their investment into an unlisted vehicle managed by Ridgeview, limited to £250 million in total. Investors holding 48.7% of shares have indicated support, with 32.8% choosing the rollover option. Pinewood, formerly Pendragon, provides software to automotive retailers and manufacturers. Ridgeview believes private ownership will enable faster North American expansion and acquisitions. The proposal remains non-binding, with a deadline of August 21 for a firm bid or withdrawal.
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Proactive Mon, July 27, 2026 at 1:42 AM PDT 1 min read
- PINE.L: +32.37%
- 0PD0.F: +35.16%
- PINWF: +20.24%
Pinewood Technologies Group PLC (LSE:PINE, OTCQX:PINWF, FRA:0PD0) shares jumped 32% to 416p after the automotive software company announced it was inclined to recommend a £545 million takeover proposal from technology investor Ridgeview Partners.
Ridgeview has proposed paying 448p in cash for each Pinewood.AI share, representing a 43% premium to Thursday's closing price of 314p. The offer is also 64% above the company's average share price over the preceding three months.
Pinewood's board stated that the possible offer provides shareholders with an opportunity to secure immediate cash at a valuation that might otherwise take several years to achieve and would depend on the successful execution of its growth strategy.
Shareholders would alternatively be able to roll some or all of their investment into an unlisted vehicle managed by Ridgeview. This option would be limited to shares worth a combined £250 million and could be scaled back if demand exceeds the maximum allocation.
Investors holding 48.7% of Pinewood's shares have indicated support for the possible offer, while holders of 32.8% intend to choose the rollover option.
In 2023, Pinewood—then called Pendragon—was in talks with several groups about a takeover, after selling its UK retail business to US dealer group Lithia & Driveway.
Pinewood's remaining business provides software to automotive retailers and manufacturers. Ridgeview noted that private ownership would give the company greater flexibility to accelerate its North American expansion and pursue acquisitions.
The proposal remains non-binding, and there is no certainty that a firm offer will follow. Ridgeview has until 21 August to announce a firm bid or withdraw.
Source
Yahoo FinanceWestern
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Pinewood Technologies shares surge as board backs Ridgeview Partners' £545 million takeover bid