PWS Pinewood

By Razak Musah Baba

LONDON--Pinewood Group PLC (PWS.LN) has agreed to recommended a possible 323.3 million pounds ($424.4 million) cash offer from Venus Grafton Sarl, to shareholders.

The provider of studio and related services, which has been considering selling the business, said Thursday it has reached agreement with Venus Grafton on the key terms of a possible cash offer for Pinewood by Venus Grafton or one of its direct or indirect subsidiaries (Bidco) which, if made, the Pinewood board intends to recommend to Pinewood shareholders.

Under the terms of the possible offer, each Pinewood shareholder will be entitled to receive 563.2 pence per share in cash for each Pinewood share held, comprising 560 pence in cash for each Pinewood share plus the final dividend of 3.2 pence per Pinewood share.

The film studio said Bidco has received hard irrevocable undertakings in respect of a total of 37.8 million shares in Pinewood, representing, in aggregate 65.76% of the share capital of Pinewood in issue on July 27.

Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

July 28, 2016 03:23 ET (07:23 GMT)

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