UK's Pinewood Technologies shareholders approve $721 million Ridgeview takeover
UK's Pinewood Technologies shareholders approve $721 million Ridgeview takeover Sept 25 (Reuters) - Shareholders of British automotive software firm Pinewood Technologies PINE.L on Friday approved a £545 million ($721.14 million) take-private deal by US private equity firm Ridgeview Partners.
At a shareholder meeting on Friday, 99.76% of votes cast were in support of the takeover.
Pinewood's board in August had recommended Ridgeview’s offer valuing the company at £4.48 per share in cash.
Pinewood is the latest London-listed technology company to attract private equity interest as buyout firms continue to target UK-listed businesses seen as undervalued.
The deal is expected to become effective on October 9.
Pinewood provides a cloud-based platform to help car dealerships and manufacturers manage everything from vehicle sales and customer relationships to repairs and accounting.
Pinewood had also attracted interest from Apax Partners in January, with an offer valuing it at 500 pence-per-share. But the private equity firm withdrew its approach in February citing challenging market conditions.
Shares of Pinewood have gained about 24.16% year-to-date.
($1 = 0.7557 pounds)
(Reporting by Anushka Chourasia and Unnamalai L in Bengaluru; Editing by Jonathan Ananda)