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Pinewood Shepperton approached by second bidder | Pinewood Shepperton approached by second bidder |
(about 7 hours later) | |
Pinewood Shepperton has received an approach from a possible second bidder, the film studio has revealed. | Pinewood Shepperton has received an approach from a possible second bidder, the film studio has revealed. |
Earlier this month, the firm received an £87.8m takeover bid from Peel Holdings, a company run by billionaire investor John Whittaker. | Earlier this month, the firm received an £87.8m takeover bid from Peel Holdings, a company run by billionaire investor John Whittaker. |
But Pinewood has now revealed it has had another bid approach from "an unconnected third party", although it has not yet resulted in a formal offer. | But Pinewood has now revealed it has had another bid approach from "an unconnected third party", although it has not yet resulted in a formal offer. |
"A further announcement will be made in due course," the firm said. | "A further announcement will be made in due course," the firm said. |
British films | British films |
Peel Holdings has offered 190p per share for the 75-year-old film studio company. | Peel Holdings has offered 190p per share for the 75-year-old film studio company. |
Pinewood's shares ended at 202p, after rising 5.83%, a sign that investors believe the higher offer will materialise. | |
Peel has recently sold the Trafford Centre to Capital Shopping Centres for £1.6bn and has already built a 29.78% stake in Pinewood. | Peel has recently sold the Trafford Centre to Capital Shopping Centres for £1.6bn and has already built a 29.78% stake in Pinewood. |
During 2010, Pinewood filmed the fourth instalment of the Pirates Of The Caribbean franchise, the final Harry Potter film and an adaptation of Jane Eyre. | During 2010, Pinewood filmed the fourth instalment of the Pirates Of The Caribbean franchise, the final Harry Potter film and an adaptation of Jane Eyre. |
Pinewood has studios in Buckinghamshire, and at Shepperton and Teddington in Middlesex. | Pinewood has studios in Buckinghamshire, and at Shepperton and Teddington in Middlesex. |
Last month, Pinewood unveiled a 31% rise in pre-tax profits to £5.8m, and said it was looking to the future with "confidence" despite a poor economic climate. | Last month, Pinewood unveiled a 31% rise in pre-tax profits to £5.8m, and said it was looking to the future with "confidence" despite a poor economic climate. |
The firm also unveiled an investment plan for small-budget British films. | The firm also unveiled an investment plan for small-budget British films. |
The company will target films with production budgets of about £2m each and will invest equity up to 20% per film. | The company will target films with production budgets of about £2m each and will invest equity up to 20% per film. |
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