A company that specialises in software for car dealerships has become the latest London-listed firm to be targeted by private equity predators.
Pinewood Technologies said it was in talks with Apax Partners over a deal valuing it at 500p a share, or £575.5m.
The board of Pinewood said it would be ‘minded to recommend’ shareholders back a deal at this price should Apax table a formal offer. Pinewood shares rose 22.4 per cent.
Looking ahead: Pinewood provides a cloud-based platform to help car dealerships and manufacturers manage everything from vehicle sales to repairs and accounting
The firm provides a cloud-based platform to help dealerships and manufacturers manage everything from vehicle sales to repairs and accounting.
Under City takeover rules, Apax has until February 26 to announce a firm intention to make an offer or walk away.
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