Peel ups Pinewood offer

LONDON -- Blighty's Pinewood-Shepperton studios has agreed to an improved ?96 million ($159 million) takeover offer from major shareholder Peel Holdings. The increased offer from the property infrastructure firm values Pinewood shares at 200 pence per share (331 cents) up from a previous offer of $144 million, which had valued shares at 190 pence (314 cents). The Pinewood-Shepperton board has given its unanimous support to the offer, and the deal could be completed as early as June. Peel's increased offer comes after Egyptian-born businessman Mohamed Al Fayed, the former owner of London's department store Harrods, revealed last week that he was considering making a cash bid for the studio. Peel, which owns a 29.8% stake in Pinewood is spearheaded by billionaire John Whittaker and has nearly $9.8 billion of assets. It recently sold Manchester-based shopping mall Trafford Center to Capital Shopping Centers for a reported $2.6 billion. Pinewood shares have risen by 59% over the past three months, valuing the company at $168 million. At present, the studio is undergoing an inquiry for Project Pinewood, a 100-acre, $327 million complex with sets including a Venetian canal and a typical New York street. A public inquiry into the proposals for the project is ongoing. Last month, Pinewood unveiled a 31% rise in pre-tax profits to $9.5 million and said it was confident of the future of its business, despite the economic climate. In February, Pinewood and Indomina Group launched a new studio in the Dominican Republic to expand its brand globally. It has studios in Germany, Canada and Malaysia, and recently set up a sales office in Culver City, Calif., which will coordinate sales for its international ventures. Pinewood has also recently ramped up its support for smaller-budget Brit pics, pledging to invest up to 20% equity in up to four pics per year.

Contact Diana Lodderhose at diana.lodderhose@variety.com

Source: http://www.variety.com/article/VR1118035953?categoryid=13&cs=1&cmpid=RSS%7CNews%7CLatestNews

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