Motor software firm Pinewood Technologies Group has announced it has received a potential takeover bid from Ridgeview Partners.
The possible bid at £4.48 cash per Pinewood share values the software group at £545m.
The bid of £4.48 is 43% up on Pinewood’s share price of £3.14 at the close of play on 26 July.
Pinewood used to be owned by Pendragon before the dealer group was sold to the US dealer group Lithia. The Pinewood business remained a separate listed entity under CEO Bill Berman,
Ian Filby, Chairman of Pinewood.AI, said: “Since becoming an independent software business in 2024, Pinewood.AI has delivered significant strategic and operational progress, strengthening its position as a leading global automotive technology platform.
“While the board remains confident in the Company’s long-term prospects, we recognise that the next phase of Pinewood.AI’s growth will require continued investment, innovation and execution at scale.
“Against that backdrop, the Board believes it is right to engage constructively with Ridgeview Partners, who bring deep technology expertise, long-term capital and a shared ambition for the business.
Having carefully considered the proposal received, the Board has indicated that it would be minded to recommend an offer on these terms, should a firm intention to make an offer be announced.”
This is the second time Pinewood has been in play with potential bidders for the software group.
In January Pinewood said it was in takeover talks with private equity firm Apax Partners.
Pinewood said Apax Partners could offer a possible cash offer of 500 pence per share for the entire issued and to be issued share capital of Pinewood.AI, valuing the company at $792m (£575m). Apax announced later it was walking away from the deal citing market conditions.
