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Peel rallies shareholders following Pinewood twist
Peel Holdings this morning (17 June) urged shareholders of Pinewood Shepperton, the South East film studio business behind the James Bond franchise, to accept its 200p a share offer for the company as details emerged of a potential threat to its takeover.
Peel, which owned 29.8 per cent of Pinewood prior to the offer made in April, revealed it has received valid acceptances to take its shareholding to 63.3 per cent. The company's offer values the film studio business at £96.1m.
But jewellery chain Warren James has since been building a shareholding, and is thought to have picked up 4 million shares yesterday (16 June).
Although the stake will not allow the business to block a deal, it could stop John Whittaker-owned Peel from forcing minority shareholders out of the company.
Peel needs more than 75 per cent of shareholders to accept the offer in order to take the business off the stock market. Pinewood's shares yesterday rose 13.1 to 212p.
In a statement this morning, Peel urged Pinewood shareholders who have not yet accepted the offer to "do so without delay" before 1pm on 24 June.
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