Whittaker faces competition for Pinewood
PEEL Holdings’ boss John Whittaker is now facing a rival bid for the film studios Pinewood Shepperton.
In a stock market statement Pinewood, which is famous for the production of the James Bond and Harry Potter films, said it had received a further approach “from an unconnected third party” – now known to be former Harrods owner Mohamed Al Fayed – which may or may not lead to an offer.
On April 8 Pinewood said Manchester-based Peel – which already holds a 29.78% stake – had offered 190p a share, valuing the business at £87.8m. The shares closed at 188p yesterday.
Analysts had expected other major shareholders, such as Crystal Amber which holds 28.9%, to hold out for a higher offer of around 220p. News of another potential bidder is certain to drive up the value of the company.
Pinewood, which has studios in Pinewood in Buckinghamshire, and Shepperton and Teddington in Middlesex, said a further announcement will be made in due course.
Peel, which agreed a £1.6bn deal to sell the Trafford Centre to Capital Shopping Centres in January, is responsible for developing MediaCity at Salford Quays which will be home to BBC North and new facilities for ITV. It has not yet commented on the Pinewood bid.
The business has assets worth £6bn which include the Manchester Ship Canal, Mersey Docks, a share in Liverpool John Lennon Airport, and the 1,000-acre Hulton Park estate near Bolton.
