Britain’s Pinewood Technologies surged as much as 28% on Friday after the automotive service provider said it was set to agree a 575.5 million pounds ($792.06 million) deal with Apax Partners if the private equity firm tables a formal offer.
Apax Partners, which has made a number of approaches earlier, proposed to buy Pinewood for 500 pence per share, representing a premium of nearly 30% to the stock’s closing price on Thursday.
The jump in Pinewood’s shares made the firm the top gainer across all London stocks on Friday.
Pinewood Technologies provides a cloud-based platform to help car dealerships and manufacturers manage everything from vehicle sales and customer relationships to repairs and accounting.
Apax has until February 26 to announce a firm intention to make an offer or walk away.
Source: Reuters.com