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Pinewood Studios: Jeweller emerges as key player | Pinewood Studios: Jeweller emerges as key player |
(3 days later) | |
Warren James has emerged as a key player in the planned takeover of Pinewood Shepperton by Peel Holdings. | Warren James has emerged as a key player in the planned takeover of Pinewood Shepperton by Peel Holdings. |
The jeweller said on Friday that it had raised its stake from 4.7% to 16%, enough to prevent Peel from forcing them to sell under UK takeover rules. | The jeweller said on Friday that it had raised its stake from 4.7% to 16%, enough to prevent Peel from forcing them to sell under UK takeover rules. |
Peel confirmed the same day enough shareholders had now accepted its offer to give it a 63% stake in the studios. | Peel confirmed the same day enough shareholders had now accepted its offer to give it a 63% stake in the studios. |
The company will buy shares up until 24 June for 200p - less than the 210p that Warren James paid for its new shares. | The company will buy shares up until 24 June for 200p - less than the 210p that Warren James paid for its new shares. |
The move suggests that Warren James does not intend to sell to Peel, as it could only do so at a loss of 10p per share. | The move suggests that Warren James does not intend to sell to Peel, as it could only do so at a loss of 10p per share. |
Pirates | Pirates |
Meanwhile, Peel has said that its offer is now unconditional, meaning it will go ahead whatever the uptake. | Meanwhile, Peel has said that its offer is now unconditional, meaning it will go ahead whatever the uptake. |
The firm said it would delist Pinewood from the London Stock Exchange, if it obtained the necessary 75% majority - a move that would damage the value of the remaining minority shares, as they would be harder to trade. | The firm said it would delist Pinewood from the London Stock Exchange, if it obtained the necessary 75% majority - a move that would damage the value of the remaining minority shares, as they would be harder to trade. |
However, Peel would need to obtain a 90% majority in order to force any remaining hold-outs to sell their shares - something that Warren James' move now throws doubt on. | However, Peel would need to obtain a 90% majority in order to force any remaining hold-outs to sell their shares - something that Warren James' move now throws doubt on. |
Peel already owns just under 30% of the 75-year-old film studios that are home to the James Bond and Harry Potter films, and the latest Pirates of the Caribbean movie. | Peel already owns just under 30% of the 75-year-old film studios that are home to the James Bond and Harry Potter films, and the latest Pirates of the Caribbean movie. |
Pinewood's board unanimously accepted the £96.1m cash offer in April. | Pinewood's board unanimously accepted the £96.1m cash offer in April. |
The deal is also subject to an investigation by the Office of Fair Trading into whether the acquisition will give Peel an unfairly dominant position in the media industry. | The deal is also subject to an investigation by the Office of Fair Trading into whether the acquisition will give Peel an unfairly dominant position in the media industry. |
The company - which is chaired by billionaire property tycoon John Whittaker - also owns the site of the Media City development in Salford, at which the BBC is a major tenant. | |
Pinewood has studios in Buckinghamshire, and at Shepperton and Teddington in Middlesex. | Pinewood has studios in Buckinghamshire, and at Shepperton and Teddington in Middlesex. |
On Thursday, Pinewood's share price jumped over 5.5% to 210.5p - well above the 200p value of Peel's offer. | On Thursday, Pinewood's share price jumped over 5.5% to 210.5p - well above the 200p value of Peel's offer. |
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