IN BRIEF: Pinewood takeover support slips as Feoh sells more shares
Pinewood Technologies Group PLC - Birmingham, England-based software provider for automotive sellers - Ridgeview Partners LLC says Feoh Investments UK LLP has sold a further 4,020 Pinewood shares, reducing the number covered by its letter of intent supporting Ridgeview's takeover offer to 1.57 million shares, or around 1.36% of Pinewood's issued share capital. Feoh initially backed the offer with 4.01 million shares, or around 3.49%, but had sold 2.44 million shares as of Tuesday. Letters of intent and irrevocable undertakings now cover 53.58 million shares, representing around 46.55% of Pinewood. Last month, Pinewood agreed to a 448 pence-per-share cash offer from UK Piston Bidco Ltd, a vehicle indirectly owned by entities administered by Ridgeview, valuing Pinewood at around GBP545 million. Read More