Pinewood confirms possible £323.3m offer

Pinewood Group has reached agreement on the key terms of a possible cash offer for it by Venus Grafton Sarl, or one of its subsidiaries (collectively 'Bidco').

It said shareholders would be entitled to get 563.2p cash per share, which included the company's already announced final dividend of 3.2p a share. The potential deal valued AIM-quoted Pinewood at £323.3m.

"Bidco has completed due diligence on the company and the possible offer is pre-conditional only on Bidco completing its financing arrangements," said Pinewood.

That involved finalising and documenting credit committee approved proposals from financing parties. This was expected to take up to four weeks.

"The significant majority of the cash consideration payable by Bidco ... will be provided by PW Real Estate Fund III LP, with the balance from the third party finance parties."

Venus Grafton Sarl is an indirect and wholly owned subsidiary of PW Real Estate Fund III LP.

Bidco said it had irrevocable undertakings representing about 65.76% of Pinewoods's share capital.