Jan 30 (Reuters) - Britain's Pinewood Technologies surged as much as 28% on Friday after the automotive service provider said it was set to agree a 575.5 million pounds ($792.06 million) deal with
Pinewood Technologies Shares Soar on $792 Million Acquisition Talks
Pinewood Technologies Acquisition Overview
Jan 30 (Reuters) - Britain's Pinewood Technologies surged as much as 28% on Friday after the automotive service provider said it was set to agree a 575.5 million pounds ($792.06 million) deal with Apax Partners if the private equity firm tables a formal offer.
Apax Partners, which has made a number of approaches earlier, proposed to buy Pinewood for 500 pence per share, representing a premium of nearly 30% to the stock's closing price on Thursday.
The jump in Pinewood's shares made the firm the top gainer across all London stocks on Friday.
Details of the Proposed Deal
Pinewood Technologies provides a cloud-based platform to help car dealerships and manufacturers manage everything from vehicle sales and customer relationships to repairs and accounting.
Market Reaction to the News
Apax has until February 26 to announce a firm intention to make an offer or walk away.
($1 = 0.7266 pounds)
(Reporting by Nithyashree R B in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)
