Pinewood Technologies Group PLC

Pinewood Technologies Group shares jumped 32% to 416p after the board said it was minded to recommend a £545 million takeover proposal from technology investor Ridgeview Partners. Ridgeview has proposed paying 448p in cash per share, a 43% premium to Thursday's closing price of 314p and 64% above the three-month average. The board stated the possible offer gives shareholders a chance to secure immediate cash at a valuation that might otherwise take years to achieve. Shareholders could alternatively roll some or all of their investment into an unlisted Ridgeview-managed vehicle, limited to a combined £250 million and subject to scale-back if demand exceeds the maximum. 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. The proposal remains non-binding, and Ridgeview has until 21 August to announce a firm bid or withdraw.