Peel’s proposed acquisition of Pinewood Shepperton has been approved by the Office of Fair Trading (OFT), as Warren James Holdings confirms it has “no intention” of bidding for the facilities group.
Peel Holdings offer of £96.1 million for the facilities group was accepted by the company’s directors at the end of April and the OFT today said that it would not refer the planned takeover to the Competition Commission.
At the end of last week it emerged that Warren James Holdings, which owns a 115-strong chain of jewellers, had acquired a 15% stake in Pinewood, potentially threatening Peel Holdings’ plans to take full control of the business.
Warren James Holdings today said it has “no current intention of making an offer for Pinewood Shepperton” and that its recent increase in shareholding is part of of its “ongoing strategy of building a long term strategic minority holding in Pinewood”.
Peel has said that it will delist Pinewood from the London Stock Exchange if it secures 75% of Pinewood stock. Its stake in the facilities group currently stands at 63%.
Peel’s unconditional offer of 200 pence per share to Pinewood shareholders has been extended from 24 June to 8 July.