Feb 13 (Reuters) - Private equity firm Apax Partners withdrew its offer for British automotive service provider Pinewood Technologies <PINE.L> on Friday, citing prevailing challenging market
Apax Partners Abandons Pinewood Technologies Acquisition Amid Market Struggles
Apax Partners Withdraws Acquisition Offer
Feb 13 (Reuters) - Private equity firm Apax Partners withdrew its offer for British automotive service provider Pinewood Technologies <PINE.L> on Friday, citing prevailing challenging market conditions.
Details of the Proposed Deal
Apax Partners had proposed to buy Pinewood Technologies in a $792 million deal in late January, which had sent the shares of the London-listed firm up nearly 30%.
Market Conditions and Reactions
On January 29, Pinewood Technologies said that it was in discussions to finalize a 500 pence per share offer from the private equity firm, if a formal offer was tabled on or before February 26. The company, which offers a cloud-based platform for car dealerships and manufacturers, had already received multiple takeover bids from London-based Apax Partners.
Company Responses
Apax did not specify what challenging market conditions made it walk away from its offer, while Pinewood did not comment on Apax's statement immediately when contacted by Reuters.
(Reporting by Unnamalai L and Akshaya V in Bengaluru; Editing by Alan Barona)
