OFT clears Peel bid for Pinewood

The Office of Fair Trading has confirmed it does not intend to refer the proposed bid by Peel Acquisitions for Pinewood Shepperton to the Competition Commission. Peel said all conditions had been satisfied or waived and the offer had been declared unconditional.

The offer remains open for acceptance until 1pm on July 8 and it urged Pinewood shareholders who had not yet accepted the bid to do so “without delay”.

The Peel and Pinewood boards along with Pinewood’s independent directors announced the terms of a unanimously recommended 200p-a-share cash offer for the entire issued, and to be issued, share capital of Pinewood in April this year.

Warren James Holdings has accrued a stake of more than 25 percent in Pinewood and poses a potential threat to Peel’s desire to take the film studios group private. The Pinewood Studios Group comprises Pinewood Studios, Shepperton Studios and Teddington Studios. John Whittaker’s Peel Group is one of the leading infrastructure, transport and real estate companies in Britain with assets owned and under management approaching £6bn.