LONDON — Support for U.K. Piston Bidco Limited’s recommended takeover of Pinewood Technologies Group plc has fallen to 46.72%, according to a regulatory filing. The current level of irrevocable undertakings and letters of intent covers 53,777,748 shares, representing approximately 46.72% of Pinewood.AI’s issued ordinary share capital.
The decline follows disposals by Feoh Investments UK LLP, which sold 1,000,000 Pinewood.AI shares on Tuesday and an additional 1,250,000 shares on Wednesday. Feoh’s remaining stake in the company has since fallen to 1.53%, down from 4,014,640 to 1,764,640 shares under its revised letter of intent. The firm also confirmed it no longer intends to elect for the Rollover Alternative for the shares covered by its revised commitment.
Bidco, a newly formed entity indirectly owned by entities administered by Ridgeview Partners LLC, made the announcement in compliance with Rule 2.10(c) of the City Code on Takeovers and Mergers. The recommended acquisition remains subject to shareholder approval and other customary conditions.
