Film fan second suitor eyeing pinewood

Star turns: Johnny Depp, left, and Orlando Bloom in Pirates of the Caribbean, which was made at the studios

11 April 2012

A bidding war broke out today over Pinewood Shepperton, Britain's biggest film studios, as a second investor made a takeover approach.

Pinewood shares surged 12p to 203p as traders bet the unnamed bidder would have to pay significantly more than the 190p-a-share offer tabled by property firm Peel Holdings.

A Pinewood spokesman would not identify the "unconnected third party" since a formal offer for the studios has not yet been made.

The shares have jumped from 160p on April 8 when Peel, Pinewood's biggest shareholder with a 29.8% stake, made its 190p offer, valuing the firm at £88 million.

Peel appears interested in the property potential of Pinewood rather than just the studios where Pirates of the Caribbean and Harry Potter have been filmed.

Pinewood's second-biggest shareholder, investment fund Crystal Amber, tried to oust chairman Lord Grade last year, arguing the firm was badly undervalued.

Broker Peel Hunt - unconnected with Peel Holdings - reckons the property firm "remains in a leading position to launch a successful bid".