Bidding war for Pinewood

Peel Holdings are vying to buy Pinewood Studios against another bidder, who is reported to be Mohammed Al-Fayed.

Peel Holdings have already made a £1.90 a share offer for the studios just outside Hillingdon. Last week the Evening Standard reported a second offer has surfaced from an then unnamed bidder (although Sky News and others reported it to be Mohammed Al-Fayed).

The BBC have since reported that Al-Fayed has released a statement confirming his interest, but not guaranteeing that an offer will be made.

Peel, who already own 29.7% of the Pinewood stock, are interested in the development potential of the site in Iver Heath and the synergies with their Media City development in Salford, where the BBC are a key tenant, while the other bidder’s interest is unknown.

Pinewood released the following statement to theStock Exchange: “The Board of Pinewood announced on 8 April 2011 that it had received an approach for the entire issued and to be issued share capital of Pinewood at a price of 190 pence (plus the dividend of 2.5 pence per share in respect of the financial year ended 31 December 2010) from Peel Holdings Limited (“Peel”). Peel is a 29.78% shareholder in Pinewood. Since that date the Board of Pinewood has received a further approach from an unconnected third party which also may or may not lead to an offer being made for the Company.”

Pinewood’s own plans for the development of the site, rejected by South Bucks Council, are presently at inquiry.

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