Shares of Pinewood Technologies Group PLC (PINE.L), called as Pinewood.AI, were plunging around 29 percnt in the morning trading in London after the company confirmed that private equity firm Apax Partners LLP has withdrawn from making the takeover offer. Responding to Apax statement, Pinewood.AI stated that its Board remains very confident in its positive long-term prospects.
Pinewood.AI, a mission-critical, full-service, embedded technology provider to automotive retailers and OEMs, had announced a possible cash offer by Apax Partners on January 29.
Meanwhile, in a statement on February 13, Apax stated that it does not intend to make an offer for Pinewood.AI in light of prevailing challenging market conditions. As a result, Apax is bound by the restrictions set out in Rule 2.8 of the Takeover Code.
Pinewood.AI now said that its confidence is underpinned by recent strategic progress, including the acquisition of Seez in February 2025, and taking full ownership of Pinewood North America LLC. Further, a new contract with Lithia is expected to generate approximately $60 million of annual revenue by the end of 2028.
The company is expected to continue executing its strategy and to achieve its medium-term fiscal 2028 guidance of underlying EBITDA of 58 million pounds to 62 million pounds.
Pinewood.AI expects to announce its fiscal 2025 results on April 22.
Further, Apax in its statement noted that it reserves the right to announce an offer or possible offer for Pinewood.AI, or make or participate in an offer or possible offer within six months of the date of this announcement. The circumstances include with the agreement of the Board of Pinewood.AI; and if a third party announces a firm intention to make an offer for Pinewood.AI, among others.
In London, Pinewood shares were trading at 312.60 pence, down 28.39%.
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