A bid vehicle backed by Ridgeview Partners has seen its backing for the proposed acquisition of Pinewood.AI decline after one of its major shareholders reduced its stake.
U.K. Piston Bidco Limited, the acquisition vehicle, announced a firm intention to purchase the entire issued and to be issued share capital of Pinewood Technologies Group plc, the operator of Pinewood.AI, on Tuesday. The announcement follows the disposal of 1 million Pinewood.AI shares by Feoh Investments UK LLP, a shareholder in Bidco.
Feoh’s remaining commitment in Pinewood.AI shares now stands at approximately 3.01 million, representing about 2.62% of the company’s issued ordinary share capital as of the same day. The disposal reduced the aggregate support from Feoh’s letter of intent and irrevocable undertakings to 55.03 million shares, down from prior levels.
That aggregate total still accounts for roughly 47.81% of Pinewood.AI’s existing issued ordinary share capital, according to the bidder’s disclosure. The update was provided in a statement issued under Rule 2.10(c) of the City Code on Takeovers and Mergers, ensuring compliance with U.K. regulatory requirements for takeover activity.
The acquisition, initially announced as a non-binding offer on July 24, 2026, remains subject to further regulatory and shareholder approvals. Bidco has not disclosed any changes to the terms of its proposal following the reduction in backing.
