UK's Pinewood Technologies shareholders approve $721 million Ridgeview takeover

By Reuters News

Sept 25 (Reuters) - Shareholders of British automotive software firm Pinewood Technologies PINE.L on Friday approved a £545 million ($721.14 million) take-private deal by US private equity firm Ridgeview Partners.

  • At a shareholder meeting on Friday, 99.76% of votes cast were in support of the takeover.

  • Pinewood's board in August had recommended Ridgeview’s offer valuing the company at £4.48 per share in cash.

  • Pinewood is the latest London-listed technology company to attract private equity interest as buyout firms continue to target UK-listed businesses seen as undervalued.

  • The deal is expected to become effective on October 9.

  • Pinewood provides a cloud-based platform to help car dealerships and manufacturers manage everything from vehicle sales and customer relationships to repairs and accounting.

  • Pinewood had also attracted interest from Apax Partners in January, with an offer valuing it at 500 pence-per-share. But the private equity firm withdrew its approach in February citing challenging market conditions.

  • Shares of Pinewood have gained about 24.16% year-to-date.

($1 = 0.7557 pounds)

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