Peel gets OFT clearance for Pinewood takeover

Peel said its £96m takeover offer for Pinewood Shepperton has gone unconditional after the Office of Fair Trading said it will not refer the deal to the Competition Commission.

Pinewood's board recommended the 200p-a-share deal to shareholders in April. Peel claims to have the support of shareholders with 63% of the issued shares, it wants 75% to delist from the stock exchange and take it private.

Last week, Stockport-based jeweller, Warren James, increased its shareholding in the studios from 4.7% to 16%. Peel would need to hold 90% of the company in order to force the remaining 10% to sell up and take full control.

Media analysts expect Peel to use the film studios to broaden its media offer and potentially bring a Pinewood offer to Media City UK in Salford Quays.

The Pinewood Shepperton share price fell 4p to 210p by 3pm Tuesday.

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